Economics Test 3 example #80877

What effect does a rise in the cost of machinery or raw materials have on the cost of a good?

What does new technology generally do to production?

What is one reason European governments protect the growing food with subsidies even though imported food would be cheaper?

Why does the United States regulate automobile manufacturing in so many ways?

When any effort by government causes the supply of good to rise, what happens to the supply curve for that good?

How do expectations about the price of a good affect the present supply?

When the quantity supplied is greater than the quantity demanded, what is the condition known as?

What is the government-controlled price ceiling on apartment prices called?

When the government sets a price floor on earnings, it is called which of the following?

Until 1996, the United States used price supports in agriculture by doing what to create demand?

What happens when any market is in disequilibrium and prices are flexible?

Why does a government place price ceilings on some "essential" goods?