A decrease in the equilibrium quantity for a product will result
A) when there is an increase in supply and a decrease in demand for the product.
B) when there is a decrease in supply and a decrease in demand for the product.
C) when the quantity demanded for the product exceeds the quantity supplied.
D) when there is a decrease in demand and an increase in the number of firms producing the product.
B
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
Refer to the scenario above. Which of the following will you choose in order to maximize return?
A) Plan 1 B) Plan 2 C) Plan 3 D) Plan 4
Other things equal, who of the following would not tend to earn more? a. Someone in a riskier or more unpleasant job, rather than a safer or more pleasant job. b. Someone in a job that requires a graduate degree rather than an undergraduate degree. c. Someone who works longer hours, rather than shorter hours
d. All of the above would tend to earn more.
Which of the following is most likely correct about economists?
a. Economists do not determine the answer to the problem first and then draw the graph to illustrate. b. Economists do not use the graph of the theory to determine the answer. c. Economists determine the answer to the problem first and then draw the graph to illustrate. d. Economists identify multiple potential answers and then graph each one to determine the correct answer.