To say that the housing market is in equilibrium means that
a. there are no vacant houses
b. the number of houses that are being constructed is equal to the housing stock
c. the number of houses that are currently empty is equal to the number of households currently looking to buy a house
d. the quantity demanded of houses is equal to the number of houses currently under construction
e. the number of houses that people want to own is equal to the housing stock
E
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According to the aggregate expenditure model, when autonomous expenditure increases, equilibrium expenditure
A) increases by an equal amount. B) does not change because autonomous expenditures has no effect on equilibrium expenditure. C) does not change because only induced expenditures increase equilibrium expenditure. D) increases by a smaller amount. E) increases by a larger amount.
If the government wants to raise tax revenue and shift most of the tax burden to the consumers, it would impose a tax on a good with a:
a. flat (elastic) demand curve and a steep (inelastic) supply curve. b. steep (inelastic) demand curve and a flat (elastic) supply curve. c. steep (inelastic) demand curve and steep (inelastic) demand curve. d. flat (elastic) demand curve and a flat (elastic) supply curve.
How can we use the information from the table shown to compare the real value of the 1979 salary to that of the one earned in 2009?
A. You can see that the salary has increased from $43,265 to $170,844.
B. You need to put the 2009 salary into real 2009 terms to compare it to 1979.
C. You need to put both salaries into real dollars in the same year for comparison.
D. There is no real way to compare the two without more information.
Some individuals would like to have a job, but they have given up looking for a job after an unsuccessful search. These individuals are called
a. detached workers, and they are classified by the Bureau of Labor Statistics as unemployed. b. detached workers, and they are not classified by the Bureau of Labor Statistics as unemployed. c. discouraged workers, and they are classified by the Bureau of Labor Statistics as unemployed. d. discouraged workers, and they are not classified by the Bureau of Labor Statistics as unemployed.