Between World War II and the 1970s, three firms—General Motors, Chrysler, and Ford—produced and sold nearly all the output of the U.S. auto industry. These three firms had

Refer to the figure above. Which of the following is likely to happen if a price control below the equilibrium price is imposed?

A) Quantity supplied will exceed quantity demanded. B) Quantity demanded will exceed quantity supplied. C) Consumer surplus will decrease. D) Producer surplus will increase.

The data in the table above are the U.S. balance of payments. The current account balance is

A) $140 billion. B) $155 billion. C) $170 billion. D) -$45 billion.