In a competitive market, the market demand is Qd = 60 - 6P and the market supply is Qs = 4P. A price ceiling of $3 will result in a
A. shortage of 15 units.
B. surplus of 30 units.
C. surplus of 12 units.
D. shortage of 30 units.
Answer: D
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The Rawlsian view of equity would lead to:
A) equal allocations of goods across all persons. B) maximizing the utility of the least-well-off person. C) maximizing the total utility of all society members. D) none of the above
Answer the question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year.YearUnits of OutputPrice Per Unit18$22103315441855206If year 2 is the base year, the real GDP for year 3 is:
A. $45. B. $60. C. $40. D. $30.
Private costs are
A. costs borne solely by the individuals who incur them. B. costs borne by private members of society rather than governmental bodies. C. external costs borne by private firms. D. explicit costs rather than implicit costs.
The purchase of a U.S. asset by a foreign resident is a
A) surplus item on the current account. B) deficit item on the financial account. C) surplus item on the financial account. D) deficit item on the current account.