Price floors are used as a method to:
A. ensure buyers that goods won't be cheaper tomorrow.
B. see that production levels don't fall too low.
C. guarantee there will be enough food for everyone.
D. ensure sellers a minimum price for their goods.
Answer: D
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Other things constant, the economy's aggregate demand curve shows that
A) as the price level falls, real GDP decreases. B) any change in the price level shifts the aggregate demand curve. C) the quantity of real GDP demanded decreases when the price level rises. D) the quantity of real GDP demanded and the price level are not related.
What did the Economic Act of 1946 require the U.S. government to do?
(a) Keep its "hands off" the economy (b) Present an annual "Economic Report of the President" (c) Let market forces determine equilibrium quantities of labor hired and wages paid (d) Maintain a current account surplus where U.S. exports exceeded imports each year