When a usury law is in effect, it establishes a
a. price floor
b. price support
c. parity price
d. ratio between farms and nonfarm prices
e. price ceiling
E
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The bowed-out shape of the production possibilities frontier indicates increasing opportunity costs
a. True b. False
In the market for British pounds, if the current exchange rate is above the equilibrium rate,
a. there is an excess supply of pounds and those who hold pounds will be able to sell them and make a profit b. there is an excess supply of pounds and the exchange rate will fall c. there is an excess demand for pounds and suppliers will not be able to supply enough pounds to meet the demand d. there is an excess demand for pounds and the exchange rate will rise e. the quantity of pounds supplied is barely sufficient to meet the quantity demanded