If a government enacts a price floor on agricultural products to protect wheat farmers, the result is likely going to be
a. an increase in price with a surplus of wheat.
b. an increase in price with a shortage of wheat.
c. a decrease in price with a surplus of wheat.
d. a decrease in price with a shortage of wheat.
a
Economics
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Comparative advantage is directly related to which of the following concepts?
A) productivity B) efficiency C) opportunity cost D) competition E) fairness
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The fact that private sector economic agents cannot be systematically fooled by economic policymakers is implied by
A) the Phillips curve. B) time inconsistency. C) commitment. D) the rational expectations hypothesis.
Economics