When government imposes price controls in a market,
a. non-price factors become more important in the rationing of the good.
b. efficiency in the market is enhanced.
c. shortages and surpluses are eliminated.
d. buyers and sellers both become better off.
A
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Marginal utility is the ______ satisfaction generated by consumption of an additional good or service during a specific time period.
a. expected b. extra c. negative d. universal
An increase in the nation's capital stock will
A) shift the PPF outward. B) cause a movement along the PPF up and to the left. C) cause a movement along the PPF down and to the right. D) move the nation from producing within the PPF to producing at a point closer to the PPF.
Assume that for the second quarter of 2012, actual real GDP was $125.5 billion and potential real GDP was $142.7 billion. According to Okun's law, the cyclical unemployment rate during the second quarter of 2012 was
A) 5.7%. B) 6.0%. C) 6.9%. D) 7.4%.
One of the changes in the welfare system of the United States that occurred in 1996 was a move to block grants for states. What advantage(s) might a block grant system allow?
What will be an ideal response?