Author Question: To say that a price ceiling is nonbinding is to say that the price ceiling a. results in a surplus. ... (Read 335 times)

Zulu123 · **on:** Jun 30, 2018

To say that a price ceiling is nonbinding is to say that the price ceiling
a. results in a surplus.
b. is set above the equilibrium price.
c. causes quantity demanded to exceed quantity supplied.
d. All of the above are correct.

Question 2

A gold standard is:
a. a measurement of the importance of a good; it indicates high quality.
b. the basis for monetary exchange internationally.
c. an internationally recognized means for defining currency exchange rates.
d. a system where currency (e.g., the dollar) was defined as equivalent in value to a certain amount of gold.