Scarcity is only a temporary problem that a society can solve by promoting economic growth.
Answer the following statement true (T) or false (F)
False
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From 1970 to 2007 households held ________ because ________
A) less money relative to income; people began using credit cards less often B) less money relative to income; people began using credit cards more often C) more money relative to income; people began using credit cards less often D) less money relative to income; the price level began to rise E) more money relative to income; people began using credit cards more often
A common definition of a recession is a time with
A) a decline in the price level. B) a decline in interest rates. C) a decrease in real GDP for two or more successive quarters. D) a decrease in real GDP for two or more successive years.
Which of the following statements is TRUE?
A) An increase in the price of gasoline will decrease the demand for gasoline. B) An increase in the price of gasoline will increase the quantity demanded of gasoline. C) An increase in the price of gasoline will increase the supply of gasoline. D) An increase in the price of gasoline will increase the quantity supplied of gasoline.
The above figure shows the market for rice in Japan. SDomestic represents the domestic supply curve, and Sworld represents the world supply curve. An import quota of 35 units would
A) cause consumer surplus to fall by "g." B) cause social welfare to fall by $35. C) increase domestic producer surplus by "g." D) have no effect.