Which of the following statements is true? A. A price ceiling set below the equilibrium price in a particular market will cause a shortage. B. A price floor set above the equilibrium price, in a particular market, will have no effect on that market. C. A price floor set below the equilibrium price in a particular market will cause a shortage. D. A price ceiling set above the equilibrium price, in a particular market, will cause a surplus. QUESTION 6 Economic growth refers to:

Which of the following statements is true? A. A price ceiling set below the equilibrium price in a particular market will cause a shortage. B. A price floor set above the equilibrium price, in a particular market, will have no effect on that market. C. A price floor set below the equilibrium price in a particular market will cause a shortage. D. A price ceiling set above the equilibrium price, in a particular market, will cause a surplus. QUESTION 6 Economic growth refers to:

MACROECONOMICS FOR TODAY

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ISBN:9781337613057

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Chapter3: Market Demand And Supply

Section: Chapter Questions

Problem 7SQP

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QUESTION 6

Economic growth refers to:

A.

a long term increase in potential real GDP.

B.

an increase in nominal GDP.

C.

an increase in the price level.

D.

an economic expansion.

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

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	A.	A price ceiling set below the equilibrium price in a particular market will cause a shortage.
	B.	A price floor set above the equilibrium price, in a particular market, will have no effect on that market.
	C.	A price floor set below the equilibrium price in a particular market will cause a shortage.
	D.	A price ceiling set above the equilibrium price, in a particular market, will cause a surplus.

	A.	a long term increase in potential real GDP.
	B.	an increase in nominal GDP.
	C.	an increase in the price level.
	D.	an economic expansion.