Refer to the above figure. At a price of $2 per gallon, the quantity demanded of gasoline is
A) 80,000 gallons per month.
B) 100,000 gallons per month.
C) 60,000 gallons per month.
D) 140,000 gallons per month.
D
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
If workers have better information about their own ability to work than employers do, which of the following situations is present?
A. unemployment B. asymmetric information C. discrimination D. moral hazard
Typically, an individual takes only one newspaper from the bin because
A) of the low marginal utility of additional newspapers. B) total utility will rise with consumption of more than one newspaper. C) marginal utility increases with the first consumption of newspapers. D) there are limited amounts of newspapers in the bin.
Explain the relationship between U.S. net exports and the prosperity of trading partners for the United States.
What will be an ideal response?