According to the graph shown, at a price of $5, there is a:
A. shortage of 10.
B. shortage of 30.
C. shortage of 20.
D. surplus of 20.
Answer: C
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Disposable income can be defined as national product
A. minus federal and state taxes. B. minus taxes plus transfers. C. minus indirect taxes. D. plus taxes plus transfers.
According to the economic theory of labor markets, if unions are successful in raising wages, with no accompanying increase in labor productivity, then which of the following is true?
A. The quantity of labor demanded by profit-maximizing firms will decline. B. The quantity of labor demanded by profit-maximizing firms will increase. C. The quantity of labor supplied by workers will decline. D. There will be a shortage of labor in the unionized labor market.
Among the most important demand side factors explaining homes prices would be the
A. growing shortage of real estate agents. B. adoption of CAFTA. C. relative price of hybrid vehicles. D. level of mortgage interest rates.
Using the expenditure approach to deriving gross domestic product, if imports rise and exports remain the same
A. GDP rises. B. GDP remains the same. C. GDP indicates a recession. D. GDP falls.