If the quantity demanded of good X is greater than the quantity supplied of good X, then the market for good X is in disequilibrium
Indicate whether the statement is true or false
True
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Several countries in the world have failed to “converge” with industrialized countries. What does this mean about their economic growth rates? Explain why poorer countries have failed to "catch up," in terms of the pillars of economic growth. Are there any special problems facing these countries?
What will be an ideal response?
Define the following terms and explain their importance to the study of macroeconomics. a. Structural budget deficit b. Monetize the deficit c. Crowding out d. Inflation accounting e. Mix of fiscal and monetary policy
What will be an ideal response?
How did people like Mark Zuckerberg of Facebook and the late Steve Jobs of Apple become so rich?
A) by obtaining large subsidies from powerful politicians B) mostly by stealing from those who were less fortunate C) by providing highly valued goods and services to consumers at attractive prices D) by acquiring more years of schooling than almost anyone else
The representative firm in a perfectly competitive industry
A. may earn either an economic profit or a loss in the long run. B. will earn a normal profit in the long run. C. will always earn an economic profit in the long run. D. will always earn an economic profit in the short run.