Which of the following statements is not related to the price controls that existed during World War II?
a. Price ceilings facilitated the formulation of black markets for automobiles.
b. A black market for meat formed, referred to as "meat-easies," due to a price ceiling on meat.
c. Price ceilings created an excess demand of consumer durable goods.
d. Despite price ceilings, hidden price increases were realized through deterioration in the quality of goods.
c. Price ceilings created an excess demand of consumer durable goods.
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Which of the following is NOT a determinant of an individual's marginal product?
A) talent B) money income C) experience D) educational level
If currency speculators believe South Korea will have much lower inflation in the future than the United States, then this event is most likely to cause the South Korean won to:
A. Depreciate and the U.S. dollar to depreciate B. Depreciate and the U.S. dollar to appreciate C. Appreciate and the U.S. dollar to appreciate D. Appreciate and the U.S. dollar to depreciate