The quantity of goods exchanged in a market will be below the equilibrium quantity
a. when the price is either held above or below the equilibrium price.
b. only when the price is held above the equilibrium price.
c. only when the price is held below the equilibrium price.
d. only when the price is rising.
a
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Using rate-of-return analysis to determine who benefits and who does not benefit from the current structure of Social Security is
A. embraced by all. B. embraced not only by financial planners but also by most economists. C. rejected by those that view the program as social insurance rather than as an investment. D. rejected by everyone.
In the Ricardian model, if a country's trade is restricted, this will cause all EXCEPT which?
A) limited specialization and the division of labor B) reduced volume of trade and reduced gains from trade C) nations to produce inside their production possibilities curves D) a country to produce some of the product of its comparative disadvantage E) raised costs as more diverse product is produced internally
Between 1860 and 1914, the growth rate in industrial production
(a) fell behind the growth in the overall U.S. population. (b) outpaced the growth rates in the labor force and population. (c) was less than the growth rate in agricultural production. (d) fell behind both the growth rate in agricultural production and that of the overall U.S. population.
Which of the following is not a characteristic of the structure of perfectly competitive markets?
a. Each individual firm is small in size relative to the overall market. b. Few sellers. c. Homogeneous product. d. Easy, low cost entry and exit.