If the government thinks the price that a consumer has to pay for a good is too high, then which of the following would solve this problem?
a. a price ceiling or an excise tax
b. a price floor or an excise tax
c. a price ceiling or a subsidy
d. a price floor or a subsidy
e. none of the above will lower the price a consumer has to pay for a good
C
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Bank consolidation will likely result in
A) less competition. B) the elimination of community banks. C) increased competition. D) a shift in assets from larger banks to smaller banks.
If a market is dominated by a few large, interdependent firms, it is said to be a(n)
a. oligopoly b. monopoly c. integrated monopoly d. monopolistically competitive market e. perfectly competitive market
Which of the following is correct according to the long-run Phillips curve?
a. No government policy, including changes in the money supply growth rate, can change the natural rate of unemployment. b. Changes in the money supply growth rate are the only means by which government policy can change the natural rate of unemployment. c. Monetary policy cannot change the natural rate of unemployment, but other government policies can. d. Monetary policy and other government policies can shift the long-run Phillips curve.
When there is overproduction in a market,
A. there is excess quantity demanded. B. the total of consumer and producer surplus is maximized. C. market price is too low. D. there is a deadweight loss.