In a market where supply and demand curves are both highly inelastic, a price ceiling will have a(n)
a. large effect on quantity supplied and little effect on quantity demanded
b. large effect on quantity demanded and little effect on quantity supplied
c. large effect on both quantity demanded and quantity supplied
d. little effect on both quantity demanded and quantity supplied
e. effect only on price
D
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Several countries in the world have failed to "converge" with industrialized countries. What does this mean about their economic growth rates? Explain why poorer countries have failed to "catch up", in terms of the pillars of economic growth. Are there any special problems facing these countries?
At what average annual rate has real GDP and real GDP per capita, respectively, grown from 1950 to 2012?
A. 7.5 percent and about 5 percent B. 3.1 percent and about 2 percent C. 5.1 percent and about 3 percent D. 1.1 percent and about 0.5 percent