The term demand refers to
a. a collection of numbers, listing the quantities demanded at a variety of hypothetical prices.
b. the information on tastes, incomes, and prices needed to determine people's desired purchases of a commodity.
c. the amount of a commodity that is being purchased under current market conditions.
d. the quantity purchased at each and every possible level of income.
a. a collection of numbers, listing the quantities demanded at a variety of hypothetical prices.
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
When a nation exports a good, its ________ surplus decreases, and when it imports a good, its ________ surplus decreases
A) consumer; producer B) consumer; consumer C) producer; producer D) producer; consumer E) total; consumer
The above figure shows supply and demand curves for milk. If the government passes a $2 per gallon specific tax, the loss in consumer surplus will equal
A) b + c + f + g. B) f + g. C) b + f. D) c + g.
A U.S. trade policy that restricts the sale of foreign goods in the U.S. market will
a. reduce the demand for U.S. export goods since foreigners will be less able to buy our goods if they cannot sell to us. b. benefit producers in industries that export goods. c. increase the nation's income since it protects domestic jobs. d. enhance economic efficiency by allocating more resources to the areas of their greatest comparative advantage.