If the equilibrium price of widgets is 22, and then a price ...

[mspears3]

If the equilibrium price of widgets is 22, and then a price ceiling of 24 is imposed by the government, as a result,
 a. there will be no effect on the widget market.
  b. there will be a shortage of widgets.
 c. there will be a surplus of widgets.
 d. the price of widgets will increase.

Question 2

Paper money in the U.S. is:
 a. fiat money.
 b. more than half of M2.
 c. only partially backed by gold and silver in Fort Knox.
 d. convertible into specie (gold or silver) at the holder's request.

[tofugiraffe]

Answer to Question 1

a

Answer to Question 2

a