When consumers are willing to buy more than producers are willing to sell:
A. there is excess supply of the product in the market.
B. there is excess demand for the product in the market.
C. the market is in equilibrium.
D. the demand curve will shift until the quantity supplied equals the quantity demanded.
Answer: B
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Under a consumption tax, only current expenditures are taxed.
A. True B. False C. Uncertain
At each of the three points in the following graph, indicate whether planned aggregate expenditure is greater than, equal to, or less than GDP?
What will be an ideal response?
If we measure the income elasticity of a good as ?1.8, this means this good is a(n):
a. luxury good. b. substitute good. c. complementary good. d. inferior good. e. good from the food group.
An increase in the number of producers in an industry will: a. make the industry supply curve flatter
b. make the industry supply curve steeper. c. shift the industry supply curve to the right. d. shift the industry supply curve to the left.