To be binding, a price floor must be set above the equilibrium price
a. True
b. False
Indicate whether the statement is true or false
True
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Who was the author of the following prediction: in the absence of a system for enforcing order in society, life will be "solitary, poor, nasty, brutish, and short"?
A) Thomas Hobbes B) John Maynard Keynes C) Thomas Kuhn D) Jean-Jacques Rousseau E) Adam Smith
In order to reestablish people's confidence in the banking system after the passage of the National Bank Act in 1864,
a. banks were no longer allowed to lend more than 10 percent of the value of their capital stock to any single borrower b. banks were encouraged to accept real estate as collateral for loans c. the office of Comptroller of the Currency was abolished d. the Treasury was encouraged to depreciate the currency as rapidly as possible e. Confederate notes and Greenbacks were accepted on a one-to-one basis
If we observe that when the price of ice cream rises by 10%, ice cream manufacturers increase the quantity supplied of ice cream by 20%, then the price elasticity of supply is 2
a. True b. False Indicate whether the statement is true or false
Points on the utility possibility frontier are
A. inefficient. B. points of incomplete preferences. C. not producible. D. Pareto.