"Price Controls in Competitive Markets Cause Shortages" Is an Example

question 52

Multiple Choice

"Price controls in competitive markets cause shortages" is an example of:

• A) positive economics.
• B) normative economics.
• C) the art of economics.
• D) Keynesian economics.

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Definitions:

Planters

Wealthy landowners in the American South who owned plantations and typically enslaved African Americans to work on them.

Ironworks Manufacturing

The industry focused on the production and fabrication of iron and steel products, ranging from structural components to machinery and household items.

Chesapeake

A region and bay in the U.S., notable for its historic significance and diverse ecosystems.

Iroquois

A historically powerful and influential group of Native American tribes in the northeastern United States, known for their confederacy or league, which played a strategic role in colonial American history.