6. When government imposes a binding price ceiling on a competitive market? a. a surplus of the good arises b. a shortage of the good

6. When government imposes a binding price ceiling on a competitive market? a. a surplus of the good arises b. a shortage of the good arises c. the slope of the demand curve generally flattens and becomes more inelastic d. quantity supplied of a good will exceed quantity demanded 7. Supply and demand? a. operate most efficiently when price ceilings and floors are implemented b. are generally inelastic in the long run c. are generally more elastic in the long run d. curves are inefficient in markets for inferior goods 8. The expenditures approach to measuring GDP is? a. G+Inv+Inf+Inc+Pvt b. G+Inv+Inf+Inc+(X-M) c. C+I+G+(X-M) d. C+I+G+M e C+I-G-(M-X) 9 A perfectly elastic demand curve would favor? a. buyers b. sellers c. both buyers and seller the same d. price controls 10. The Law of Demand measures_______________whereas elasticity measures__________________ a. direction – how much b. timing – magnitude c. time – place d. quantity demanded – quantity supplied

Do you need us to help you on this or any other assignment?


Make an Order Now
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *