Which of the following observations would be consistent with the imposition of a binding price ceiling on a market? After the price ceiling becomes effective,
a. a smaller quantity of the good is exchanged.
b. a smaller quantity of the good is demanded.
c. a larger quantity of the good is supplied

Refer to Table 2-5. Estonia has a comparative advantage in the production of

A) neither product. B) lumber. C) cell phones. D) both products.

Refer to Figure 24-4. In the figure above, AD1, LRAS1 and SRAS1 denote AD, LRAS and SRAS in year 1, while AD2, LRAS2 and SRAS2 denote AD, LRAS and SRAS in year 2

Given the economy is at point A in year 1, what is the actual growth rate in GDP in year 2? A) 2.5% B) 7.3% C) 8.0% D) 10.0%