A shortage of kidneys (for transplants) results from
A) the legal price being set below the equilibrium price.
B) the legal price being set above the equilibrium price.
C) a price floor being set in the kidney market at P = $0, assuming the equilibrium price is greater than $0.
D) a price ceiling being set in the kidney market at P = $0, assuming the equilibrium price is greater than $0.
E) a and d
E
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Which of the following is most consistent with the basic postulate of economics: changes in incentives exert a predictable impact on human behavior?
A) People will consume more beef if the price increases from $1 to $2 per pound. B) Farmers produce fewer bushels of wheat in response to an increase in the price of wheat. C) People will buy less gas if the price of gas increases by $0.50 per gallon. D) People will buy more milk at a price of $3 per gallon than at $2 per gallon.
Which of the following regional trade agreements is a free-trade area?
a. NAFTA b. the European Union c. Mercosur d. NATO
Fill in the above table.
If workers in an industry become less productive, we would expect the
A. demand for workers to increase. B. supply of workers to decrease. C. demand for workers to decrease. D. supply of workers to increase.