All of the following are examples of nonprice rationing devices EXCEPT
A) price controls.
B) queues.
C) black markets.
D) waiting lists.
A
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"The price of digital cameras fell because of improvements in production technology. As a result, the demand for non-digital cameras decreased
This caused the price of non-digital cameras to fall; as the price of non-digital cameras fell the demand for non-digital cameras decreased even further." Evaluate this statement. A) The statement is false because digital camera producers would not reduce their prices as a result of improvements in technology; doing so would reduce their profits. B) The statement is false because the demand for non-digital cameras would increase as the price of digital cameras fell. C) The statement is false. A decrease in the price of digital cameras would decrease the demand for non-digital cameras, but a decrease in the price of non-digital cameras would not cause the demand for non-digital cameras to decrease. D) The statement is false because it confuses the law of demand with the law of supply.
In periods of generally rising prices,
a. real GDP will grow faster than nominal GDP. b. nominal GDP will grow slower than real GDP. c. real GDP will grow slower than nominal GDP. d. real GDP and nominal GDP will grow at the same rate.
An increase in the number of producers in an industry will: a. make the industry supply curve flatter
b. make the industry supply curve steeper. c. shift the industry supply curve to the right. d. shift the industry supply curve to the left.
The market mechanism may best be defined as
A. The use of market signals and government directives to select economic outcomes. B. The process by which the production possibilities curve shifts inward. C. The use of market prices and sales to signal desired output. D. Price regulation by government.