Answer the following questions true (T) or false (F)
1. Black markets only exist in developing nations.
2. Rent control is an example of a price ceiling.
3. Price ceilings are illegal in the United States.
1. FALSE
2. TRUE
3. FALSE
Economics
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Scarcity is determined by the existence of bad alternatives.
a. true b. false
Economics
Which of the following is most likely to increase the supply of corn?
a. The farm worker's union successfully negotiates a pay increase for corn harvest workers. b. The Surgeon General announces that eating corn bread contributes to baldness in men. c. Congress and the President eliminate subsidies formerly paid to corn farmers. d. Farmers that grow soybeans can also grow corn, and the price of soybeans drops by 75 percent.
Economics