Before the Great Depression of the 1930s, the majority of government spending took place at the ________ and after the Great Depression the majority of government spending took place at the ________
A) federal level; state level B) federal level; state and local levels
C) state and local levels; federal level D) local level; federal level
C
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When the price of a good is legally set below the equilibrium level, a shortage often results. This shortage
a. is a temporary failure of the market mechanism. b. is the result of a shift in demand. c. is the result of a shift in supply. d. occurs because the price ceiling prevents the market mechanism from establishing an equilibrium price.
Researcher Terry Anderson claims that with respect to the supply of water, trading it would be
a. wrong and counter-productive. b. essentially impossible due to lack of technologies to move the water. c. highly productive and bring cooperation among the traders. d. a problem, since monopolists would come to own too much.