A market surplus can be defined as a situation in which the quantity demanded in a market is less than the quantity supplied, at the given price.
a. true
b. false
Answer: a. true
Economics
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Although the European Union is a common market, member countries have different economic growth rates.
a. true b. false
Economics
Gross domestic product is
A. NDP less changes in inventories. B. NDP plus net exports. C. NDP plus taxes. D. NDP plus depreciation.
Economics
Why do both the chain-weighted index for GDP and the CPI overstate actual price increases?
What will be an ideal response?
Economics
An ad valorem tax is
A. given as a proportion of the price. B. Latin for "buyer beware." C. identical to a unit tax. D. computed using the "inverse taxation rule."
Economics