A change in demand cannot be caused by a change in
a. tastes
b. population
c. the prices of other goods
d. expectations of future prices
e. the price of the good itself
E
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When the expenditure schedule is too low, the result is a(n)
A. unemployment surplus. B. inflationary gap. C. recessionary gap. D. budgetary gap.
Refer to Figure 4-8. Suppose that instead of a rent ceiling, the government imposed a price floor of $2,000 per month for apartments. What is the value of the deadweight loss after the imposition of the price floor?
A) $50,000 B) $125,000 C) $175,000 D) $260,000
As observed in China's steel appliance market, the rise in the price of refrigerators resulted:
a. solely from an increase in the demand for refrigerators. b. from an increase in the demand for steel from all appliance industries. c. from a shortage of steel in the world markets. d. from an increase in the price of steel that was the result of increased demand for refrigerators.
The main reason why the traditional classical school ceased to be widely accepted was that: a. it did not reflect the realities of the modern economy. b. when Keynes received the Nobel Prize, the academic establishment started believinghis ideas
c. it could not explain the persistence of the high levels of unemployment seen during the Great Depression. d. it was too abstract to be completely understood. e. it could not explain the relationship between inflation and unemployment.