Answer Happy

If the government imposes a price ceiling below the market
equilibrium price, which of the following will result?
a. The quantity supplied will exceed the quantity demanded.
b. The quantity demanded will exceed the quantity supplied.
c. The demand curve will shift to the left.
d. There will be a surplus of the good.
For which of the following goods are consumers likely to have the most elastic demand?
a. wool sweaters
b. purple wool sweaters
c. clothing
d. sweaters
The rules of the WTO:
a. apply to both domestic trade within a nation and international trade with other nations.
b. apply only to trade among nations.
c. apply only to domestic trade within a nation.
d. include a prohibition of tariffs.
The current account in the BOP records:
a. all money flowing between countries.
b. a nation's yearly exports and imports of goods and services.
c. only the transactions involving consumer goods in international trade.
d. only the transactions involving capital goods in international trade.