If buyers expect future price increase, they will ___________ their purchases while sellers will __________ production
a. Accelerate; accelerate
b. Accelerate; delay
c. Delay; accelerate
d. Delay; delay
b
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Under a flexible exchange rate system, exchange rates are determined by free markets
Indicate whether the statement is true or false
A ban on imports, a tariff, or a quota raise the price to domestic consumers creates a deadweight loss. This loss is composed of
A) production associated loss and inefficiency loss. B) productive consumption loss and protection loss. C) consumption distortion loss and production distortion loss. D) consumer misperception loss and taxation loss.
At equilibrium
A. quantity supplied is equal to quantity demanded. B. quantity demanded is greater than quantity supplied. C. quantity supplied is greater than quantity demanded.
Economics is a social science that studies how individuals, institutions, and society may:
A. Expand the amount of resources available to them B. Attain a minimum level of production C. Best use resources to maximize satisfaction of economic wants D. Reduce the amount of goods and services they need