Which statement concerning President Nixon's wage and price controls is not true?
a. They were designed to control inflation .
b. As soon as they were lifted, their impact on the economy proved to be ineffective.
c. They prohibited wage and price increases for 90 days.
d. They were voluntary.
e. They distorted free market signals.
D
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Refer to the scenario above. What is the future value of John's deposit after three years?
A) $2,590.06 B) $2,660.32 C) $2,708.08 D) $2,990.54
If the market price in a perfectly competitive market is less than a firm's minimum average variable cost, then the firm's total revenue will always ________
A) exceed its total fixed cost B) be less than its total economic loss C) equal its total cost D) be less than its total variable cost
Which of the following would explain why Josh's Limo Service might increase its demand for limo drivers?
A) an increase in demand for limo rides, resulting in a rise in the price of a limo ride B) a decrease in the demand for limo rides C) a fall in the price of a taxi ride D) a rise in the wage paid to limo drivers
If desired spending exceeds output, then firms:
A) accumulate their inventories and cut production. B) deplete their inventories and cut production. C) deplete their inventories and increase production. D) accumulate their inventories and increase production.