If goods are not rationed according to price, if follows that
A) they won't get rationed at all.
B) some non-price rationing device will be used to ration the goods.
C) first-come-first-served will necessarily be the rationing device used in the market.
D) there will be surpluses in the market.
E) none of the above
B
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Trade between countries that is without restrictions is called
A) unencumbered trade. B) unabated trade. C) free trade. D) unobstructed commerce.
When only one buyer has access to a particular labor market,
A. There is no seller concentration. B. A monopoly exists. C. A monopsony exists. D. There is no buyer concentration.
Which of the following countries has gone so far as to adopt the U.S. dollar as its domestic currency?
A. Panama B. Ecuador C. Zimbabwe D. All of the above
When a commercial bank lends $1000 to a customer, and the loan proceeds are spent by the customer, the legal reserves of the banking system
A) decline by $1000. B) do not change unless the loan proceeds are withdrawn in currency. C) rise by $1000. D) rise by more than $1000 because spending increases nominal GDP.