If equilibrium is present in a market:
A. there is either a shortage or a surplus.
B. the quantity demanded equals quantity supplied.
C. the quantity demanded exceeds quantity supplied.
D. the quantity supplied exceeds quantity demanded.
Answer: B
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Suppose that a tire factory produces $825,000 of output and causes $70,000 worth of pollution as a result of production. The tire factory's official contribution to GDP would be ________ and its overall contribution to society would be ________
A) $825,000; $755,000 B) $825,000; $895,000 C) $895,000; $825,000 D) $755,000; $825,000
If an asset cannot be sold quickly for cash without much loss of value, it is called:
A. illiquid. B. liquid. C. durable. D. fixed.
An investment tax credit, which would lower taxes for firms that invested in new capital equipment, would shift the long-run aggregate supply curve to the right over time
a. True b. False Indicate whether the statement is true or false
The shared values and trust that promote cooperation in the economy are referred to as:
a. academic capital. b. social capital. c. human capital. d. physical capital.