the likely impact on U.S. financial markets as part of the global economy?

25. If the government imposed a federal interest rate ceiling of 20% on all loans, who would gain and who

would lose?

26. Why are the factors that shift the demand for a product different from the factors that shift the demand for

labor? Why are the factors that shift the supply of a product different from those that shift the supply of

labor?

27. During a discussion several years ago on building a pipeline to Alaska to carry natural gas, the U.S. Senate

passed a bill stipulating that there should be a guaranteed minimum price for the natural gas that would

flow through the pipeline. The thinking behind the bill was that if private firms had a guaranteed price for

their natural gas, they would be more willing to drill for gas and to pay to build the pipeline.

a. Using the demand and supply framework, predict the effects of this price floor on the price, quantity

demanded, and quantity supplied.
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