If a market is in disequilibrium, economists would predict that the product's price would __________ to reach equilibrium when the quantity demanded is __________ than the quantity supplied
A) rise; greater
B) fall; less
C) fall; greater
D) rise; less
E) a and b
E
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The amount of time that it takes between recognizing an economic problem and implementing policy to solve it is
A) the recognition time lag. B) the effect time lag. C) the action time lag. D) fiscal policy.
The Smith family buys much more macaroni when someone in the family is laid off. This means that the Smiths' ____ is negative
a. demand curve for macaroni b. income elasticity for macaroni c. Engel's law d. income e. price elasticity of demand for macaroni
On a production possibilities curve diagram, greater entrepreneurship:
A. causes the curve to shift outward. B. keeps the economy on the curve. C. prevents movement along the curve. D. keeps the economy at the corners of the curve.
comparing M1 and M2 we know that
What will be an ideal response?