When are black markets likely to arise?
A) when the government removes a price floor
B) when the government enforces a price ceiling
C) when there is a surplus of a good
D) when the quantity supplied of a good exceeds the quantity demanded
B
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Education is an integral part of economic growth
Indicate whether the statement is true or false
Using Figure 1 below, if the aggregate demand curve shifts from AD1 to AD2 the result in the long run would be:
A. P1 and Y2.
B. P3 and Y1.
C. P2 and Y3.
D. P2 and Y2.
Suppose, as in the 1970's in the U.S., that demographic groups which typically have higher unemployment rates become a larger percentage of the labor force. Would this have any effect on the long-run Phillips curve?
Use the following general linear demand relation:Qd = 680 - 9P + 0.006M - 4PRwhere M is income and PR is the price of a related good, R. If M = $15,000 and PR = $20 and the supply function is Qs = 30 + 3P , then, when the price of the good is $40,
A. there is equilibrium in the market. B. there is a surplus of 180 units of the good. C. there is a shortage of 180 units of the good. D. there is a shortage of 80 units of the good.