In 1929 we produced over _____ million motor vehicles.
Fill in the blank(s) with the appropriate word(s).
Answer: 5
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Suppose the equilibrium price of oranges is $2.00 per pound. If the actual price is above the equilibrium price, a
A) shortage exists and the price falls to restore equilibrium. B) shortage exists and the price rises to restore equilibrium. C) surplus exists and the price falls to restore equilibrium. D) surplus exists and the price rises to restore equilibrium. E) surplus exists but nothing happens until either the demand or the supply changes.
Countries with high wages cannot export to low wage countries
Indicate whether the statement is true or false
Vertical equity incorporates the notion that
A. those earning higher incomes should pay more in taxes. B. those earning equal incomes should pay the same in taxes. C. taxes paid should be unassociated with income levels. D. there should be no excess burden created by a tax.
If the demand for apples increases at the same time the supply of apples falls, the price of apples will tend to fall
a. True b. False Indicate whether the statement is true or false