In a competitive market, the market demand is Qd = 60 - 6P and the market supply is Qs = 4P. The full economic price under a price ceiling of $3 is
A. 6.
B. 7.
C. 8.
D. 9.
Answer: C
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Inefficiency occurs when an economy is operating outside its production possibilities curve.
a. true b. false
The descriptions give the responses of four individuals to a Bureau of Labor Statistics (BLS) survey of employment.1. Mollie just graduated from college and is now looking for work. She has had three job interviews in the past month.2. George works in an automotive assembly plant. He was laid off six months ago as the economy weakened. He expects to return to work in several months when national economic conditions improve.3. Jeanette worked as an aircraft design engineer for a company that produces military aircraft until she lost her job last year when the federal government cut defense spending. She has been looking for similar work for a year, but no company seems interested in her aircraft design skills.4. Ricardo lost his job last year when his company downsized and laid off
middle-level managers. He tried to find another job for a year but was unsuccessful and quit looking for work.Refer to the above information. Which individual is frictionally unemployed? A. 1 B. 2 C. 3 D. 4
A change in a nonprice factor of supply will cause:
A. the supply curve to rotate inward. B. a movement along the supply curve. C. a shift of the supply curve. D. the supply curve to rotate outward.
Any change in the economy that reduces desired national saving for a given value of the real interest rate will shift the desired national saving curve to
A. the right and decrease the real interest rate. B. the left and increase the real interest rate. C. the left and decrease the real interest rate. D. the right and increase the real interest rate.