Quantity DemandedPriceQuantity Supplied52$5073624562724051823542923033In the above market, economists would call a government-set maximum price of $40 a:
A. price floor.
B. fair price.
C. equilibrium price.
D. price ceiling.
Answer: D
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In the figure above, if 4 million computers are produced per year then the ________ should be produced to achieve the allocatively efficient use of resources
A) marginal cost of a computer exceeds the marginal benefit of a computer, so more computers B) marginal cost of a computer exceeds the marginal benefit of a computer, so fewer computers C) marginal benefit of a computer exceeds the marginal cost of a computer, so more computers D) marginal benefit of a computer exceeds the marginal cost of a computer, so fewer computers
Which of the following will change the slopes of your indifference curves between gasoline and movie rentals?
A) a change in your preferences for either of the two goods B) only a change in the price of either of the two goods C) only a change in your income D) Both a change in the price of either good and a change in income will change the slopes of your indifference curves.
An international agreement from 1947 designed to lower tariffs was
A) the General Agreement on Tariffs and Trade. B) the World Trade Organization. C) the World Agreement on Tariffs and Trade. D) the Trade and Tariff Agreement.
The Keynesian AS curve is
a. flat because of unemployed resources. b. vertical because of full employment. c. upward sloping. d. downward sloping.