In much of Europe, the legal age to obtain a driver's license is 18. If the legal driving age in the United States was changed to 18, how would this affect the market for new automobiles? The market for automobile insurance?
What will be an ideal response?
The demand for new automobiles would decrease, as would the demand for automobile insurance.
Economics
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A price ceiling set below a market equilibrium price causes
A) a shortage. B) a surplus. C) producers to receive higher prices. D) consumers to pay higher prices.
Economics
The World Trade Organization (WTO) ruled that U.S. regulations on the fuel economy of cars sold by each manufacturer
A. violated the WTO rules because the imported automobiles were treated differently from domestic autos. B. were a permissible reaction to similar regulations imposed by the Japanese government on the automobiles imported from the United States. C. were permissible under Article XX. D. was not an issue under its purview.
Economics