The way the government keeps price floors in effect is by _____.
Fill in the blank(s) with the appropriate word(s).
buying up the surpluses
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If both the supply and demand curves shift simultaneously, we can always predict what will happen to
A) both the price and the quantity. B) either the price or the quantity, but not both. C) only the price. D) only the quantity. E) neither the price nor the quantity.
Suppose the current level of output is 5000 and the elasticity of output with respect to capital is 0.4. A 10% increase in capital would increase the current level of output to
A) 5020. B) 5050. C) 5200. D) 5500.
Economic growth ________
A) is driven by different elements in different economies B) is driven primarily by digital technology C) is driven primarily by labor growth D) cannot be explained using economic models
It has been suggested that in order to protect U.S. jobs we need to restrict foreign competition by restricting imports
A) This is a sound economic statement since the U.S. will still export protecting U.S. jobs. B) This is a sound economic statement since U.S. firms will have to increase output to make up for the lack of imports leading to increase employment in the U.S. C) This is not a sound economic statement since employment in the U.S. does not depend on imports and exports. D) This is not a sound economic statement since import restrictions lead to a reduction in employment in the export industries of the U.S.