Refer to the above figure. A surplus occurs if the government imposes
A. a price floor at $20.
B. a price ceiling at $20.
C. a price floor at $60.
D. a price ceiling at $60.
Answer: C
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If the number of people unemployed is 100, the number of people employed is 1000, and the working-age population is 1400, then the labor force participation rate is
A) 78.6 percent. B) 71.4 percent. C) 64.3 percent. D) 66.6 percent.
Over the past decade, the incomes of the top 1 percent have increased disproportionately higher than that of the middle class. These changes mean that the Lorenz curve moved ________ the 45 degree line and the Gini ratio has ________
A) closer to; decreased B) closer to; increased C) further away from; decreased D) further away from; increased
Explain the key distinction between technological efficiency and economic efficiency
What will be an ideal response?
Intraindustry trade is most common in the trade patterns of
A) developing countries of Asia and Africa. B) developed countries of Western Europe. C) all countries. D) None of the above.