When a price ceiling is set below the equilibrium price, the quantity supplied ________ the quantity demanded and ________ exists
A) is less than; a surplus
B) is less than; a shortage
C) is greater than; a surplus
D) is greater than; a shortage
E) equals; an equilibrium
B
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List and define the three types of unemployment
What will be an ideal response?
When all the factors of aggregate expenditure are influenced by income, the multiplier is no longer solely a function of the marginal propensity of consumption
a. True b. False Indicate whether the statement is true or false
A progressive income tax system can be defined as one in which
a. the government uses taxes paid by the wealthy to fund programs for the poor. b. an individual pays more dollars in taxes when his income rises. c. the marginal tax rate rises over time. d. the average tax rate is higher for individuals with higher incomes.
OPEC provides an example of:
A. an unwritten, informal understanding. B. an international cartel. C. a monopolistically competitive industry. D. noncollusive oligopoly.