According to the text, during World War II rationing was conducted in the U.S. through the use of
A. coupons.
B. force.
C. lotteries.
D. queuing.
Answer: A
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National income and domestic product must be equal.
Answer the following statement true (T) or false (F)
Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of D2 and S1 (point C)
If the price of motorcycle side cars (a complement to motorcycles) decreases, and the wages of motorcycle workers increase, how will the equilibrium point change? A) The equilibrium point will move from C to A. B) The equilibrium point will move from C to B. C) The equilibrium will first move from C to A, then return to C. D) The equilibrium point will move from C to E.
Imagine that the economy is at a point that is above both AA and DD, where both the output and asset markets are out of equilibrium. Which first action is TRUE?
A) The economy will stay at this level in the short run. B) The exchange rate will first drop to a point on the AA schedule. C) The exchange rate will first move to a point on the DD schedule. D) The AA-DD equilibrium will shift to the position of the economy. E) The exchange rate will first move left to a position on the AA schedule.
If Joe has budget constraint C in the graph shown, what is the relative price of three gallons of milk?
This graph shows three different budget constraints: A, B, and C.
A. 2 cases of soda
B. 4 cases of soda
C. $12
D. $9