The quantity at which quantity demanded and quantity supplied are equal for a certain price level is known as
a. equilibrium price.
b. equilibrium quantity.
c. equilibrium rate.
d. equilibrium level.
b. equilibrium quantity.
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Which of the following would cause prices to fall and output to rise in the short run?
a. short-run aggregate supply shifts right b. short-run aggregate supply shifts left c. aggregate demand shifts right d. aggregate demand shifts left
The Millennium Poverty Goal is the United Nations' goal of reducing the global rate of extreme poverty to ________ percent by 2015.
A. 0 B. 5 C. 15 D. 10
In the United States during the Vietnam War era, as military spending increased:
A. unemployment dropped to very low levels. B. both frictional and cyclical unemployment increased. C. frictional unemployment dropped, but cyclical unemployment increased. D. overall unemployment rates did not change.
________ occurs when price- and quantity-fixing agreements among producers are implicit.
A. A price-leadership model B. A Cournot model C. A monopoly D. Tacit collusion