If supply and demand both decrease, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.
A. lower; lower
B. higher; higher
C. lower; uncertain
D. uncertain; lower
Answer: D
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In 2011, the per capital output of goods and services in the United States was approximately
a. $15,000. b. $45,000. c. $8,000. d. $25,000.
All of the following present significant problems with measuring real GDP and the price level except
A) changes in absolute price levels. B) changes in relative price levels. C) changes in the quality of goods over time. D) the introduction of new goods.
Imports and Exports
- Did imports and exports grow faster or slower than U.S. GDP since 1970?
- Why did U.S. imports rise in 2006?
- What happened to the trade deficit in 2006? Why?
- How might the widespread use of the internet affect international trade?
According to the process of creative destruction, at first the entrepreneur will be able to sell her product for
a. a low price because it is not well known. b. a high price because there is no competition. c. a fair price because these are contestable markets. d. at a price of zero until the market is created.