If a government-imposed price ceiling causes the observed price in a market to be below the equilibrium price,
A) there will be excess demand.
B) there will be excess supply.
C) the curves will shift to make a new equilibrium at the regulated price.
D) None of the above.
A
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The families that applied for the Moving to Opportunity program wee assigned into three groups. Which of the following does not describe one of those groups?
A) People in one group received nothing but were able to live in public housing with their rents fixed at 30% of their household incomes. B) People in one group were moved to housing in neighborhoods with poverty rates of less than 10%, and those people received vouchers to pay for 100% of their rent. C) People in one group received a voucher they could use to help pay for private housing, with the voucher paying any rent beyond 30% of their household incomes. D) People in one group received a voucher they could use to help pay for private housing, with the voucher paying any rent beyond 30% of their household incomes, but the voucher was good only if the family moved to a neighborhood with a poverty rate of less than 10%.
The market supply curve of a particular product indicates the total quantities
a. that are actually sold during a given time period b. that buyers are willing to purchase at alternative prices c. that sellers are willing and able to offer at alternative prices d. that sellers are willing to offer for sale e. of complements offered for sale
Economics is the study of the allocation of scarce resources and scarce time, and the ways in which people utilize those resources or that time
a. True b. False Indicate whether the statement is true or false
Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars SoldTrucks SoldLarry105Joe99Ralph312 Based on last month's data, ________ has an absolute advantage in selling cars and ________ has an absolute advantage in selling trucks.
A. Joe; Joe B. Larry; Joe C. Larry; Ralph D. Ralph; Larry