Ceteris paribus means
A. Holding constant the determinant of demand or supply that you are interested in examining.
B. Changing prices to see how demand or supply shifts.
C. Allowing the free market to decide, not government.
D. Holding everything constant except for the variables you are interested in examining.
Answer: D
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A price ceiling is only effective if it is above the market equilibrium.
Answer the following statement true (T) or false (F)
When it comes to basic commodities, the United States is a net exporter of oil and metals and a net importer of farm crops
a. True b. False
A budget line is the locus of all points representing every input combination of inputs that the producer can afford to buy with a given amount of money and given input prices
a. True b. False Indicate whether the statement is true or false
Which of the following is one of the reasons to believe that institutional change is more likely now than in the past?
a. The colonial era is over and countries are in the position to make their own institutional choices. b. The collapse of communism has expanded the opportunity for institutional change. c. Reductions in transportation and communication costs have increased the importance of institutions and policies. d. All of the above are true.