If there is a shortage in the market for jeans,
a. producers' inventories will increase
b. the price should begin to rise
c. the demand curve will shift to restore equilibrium in the market
d. the supply curve will shift to restore equilibrium in the market
e. producers expect government to impose a price ceiling
B
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Which of the following statements is true of world GDP before 1800?
A) The entire world population was living above the subsistence level of income. B) The GDP per capita in all nations was less than $500. C) Most of the countries were growing at a rate of more than 6% per year. D) Increase in GDP resulted in increase in consumption but not investment.
Over the past 50 years, the U.S. poverty rate was at its lowest level in
a. 1973. b. 1980. c. 1990. d. 2008.
Refer to the accompanying graph. What is the price elasticity of demand at point A?
A. 3 B. 2 C. 0.2 D. 0.33
The idea that the desires of resource suppliers and producers to further their own self-interest will automatically further the public interest is known as:
A. the invisible hand. B. consumer sovereignty. C. profit maximization. D. derived demand.