What situation best explains why the government would impose price ceilings?
a. The government wants to help producers that have built up large amounts of debt.
b. There are too many producers flooding the market with the good.
c. Income substantially increases, which shifts the demand curve to the left.
d. A series of substantial crop failures shift the supply curve of food to the left.
e. Technological changes occur, shifting the supply curve to the right.
A
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When ticket scalpers buy up hundreds of Chicago Cubs tickets the day tickets go on sale, they are
A) behaving unethically. B) hoping to buy high and sell low. C) hoping to buy low and sell high. D) ruining it for everyone else.
Regarding the issue of slavery, the Constitution
(a) denounced it as being inconsistent with the rights of man and called for its eventual elimination, though it did not specify clearly how or when this was to be done. (b) gave slavery legitimacy and support. (c) made no mention of slavery, with the hope, apparently, that the individual states would deal with it if they saw it as a problem. (d) required that the slave trade be immediately banned with all slavery to be abandoned in twenty years.