Which of the following is not a potential result of a price floor?
A) excess supply
B) price greater than free-market equilibrium price
C) Lower quality inputs are used, which increases marginal cost.
D) all of the above
C
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What is the opportunity cost of economic growth?
a. investment in the current time period b. improved technology in the current time period c. capital goods in the current time period d. consumption in the current time period
On an individual level, our selection of one career rather than another represents which of the following economic concepts?
a. productivity b. externality c. opportunity d. specialization
Danica is running for office. A survey showed that most voters in her district describe themselves as conservative but not extremely conservative. Her opponent is running as a moderate. How should Danica portray her opponent to get the most votes and win the election?
a. as a liberal b. as a conservative c. as slightly more conservative than she is d. as slightly less conservative than she is
If the balance of payments accounts of a country shows a current account deficit, it means that
A. the country's foreign assets are growing more quickly than its foreign liabilities. B. the country's exports are higher than its imports. C. the country's foreign assets are growing more slowly than its foreign liabilities. D. the country is acting as a net lender to the rest of the world.