It is necessary to ration a good whenever ?

Related Mcqs:

Suppose a frost destroys much of the Florida orange crop. At the same time, suppose consumer tastes shift toward orange juice, What would we expect to happen to the equilibrium price and quantity in the market for orange juice ?

A. price will decrease, quantity is ambiguous B. The impact on both price and quantity is ambiguous. C. Price will increase, quantity will increase D. price will increase, quantity will decrease E. price will increase, quantity is ambiguous....

VAT is a good example of which kind of tax ?

A. Specific B. Exercise duty C. Direct D. Ad valorem...

The allocation of resources is not efficient if ?

A. the marginal cost of production does not equal society’s marginal benefit B. the distribution is inequitable C. economic growth is low D. unemployment is high...

If the price of good is below the equilibrium price ?

A. there is a shortage and the price will rise B. the quantity demanded is equal to the quantity supplied and the price remains unchanged C. there is a shortage and the price will fall D. there is a surplus and the price will rise...

In the insurance industry, high-risk customers are more likely to take out insurance. This is an example of ?

A. moral hazard B. risk aversion C. adverse selection D. a poor gamble...