When there is an excess supply of a product in an unregulated market, the tendency is for
A. quantity demanded to decrease.
B. price to rise.
C. price to decrease.
D. quantity supplied to increase.
Answer: C
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At its extreme, the use of the powers of government by public officials to achieve personal gains is:
A. a moral hazard. B. corruption. C. collective action. D. bribery.
The work-related activities of a teacher and doctor fall under the resource category of _____________.
Fill in the blank(s) with the appropriate word(s).
All of the following would affect the position and shape of a nation's production possibilities curve, except:
A. The amount of labor available B. The level of unemployment C. The amount of the capital resources D. The rate of technological progress
In the Keynesian model in the long run, an increase in the money supply will raise
A. the price level but not the level of output. B. the level of output but not the price level. C. neither the level of output nor the price level. D. both the level of output and the price level.