Refer to the figure below:
If price is $16 there is
A. a shortage of 250 units.
B. equilibrium in the market.
C. a shortage of 125 units.
D. a surplus of 250 units.
E. a surplus of 125 units.
Answer: D
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The measurement of GDP handles underground production by
A) including the amount produced in this sector of the economy in exactly the same way that all other production is included. B) omitting it because underground production is unreported to the government by the people involved. C) adding it at fixed prices that change only infrequently. D) adding an estimate of it because it is difficult to precisely measure underground production. E) omitting it because, being illegal, it has no effect on the nation's total production.
When the demand for an imperfect competitor's product is greater than it planned, the firm will
A) increase the price of the product until supply equals demand. B) meet the demand at its set price. C) reduce the price until supply equals demand. D) allow a shortage of the product to develop, without changing the product's price.
Refer to Scenario 5.4. What is the standard deviation of the investment?
A) 0 B) 16.58 C) 56.12 D) 90.14 E) none of the above
After a price decrease for good X, the new consumer equilibrium level of good X will be:
A. lower than before the price change. B. indeterminate without more information. C. the same as before the price change. D. higher than before the price change.