A market shortage occurs if the quantity:
A) demanded is greater than the quantity supplied.
B) demanded is less than the quantity supplied.
C) demanded is equal to the quantity supplied.
D) supplied is greater than the quantity demanded.
Ans: A) demanded is greater than the quantity supplied.
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A period in which the economy is growing at a rate significantly above normal is called a(n):
A. depression. B. recession. C. expansion. D. peak.
A conservative who was opposed to an increase in the size of the government sector but believed in the Keynesian approach to aggregate demand management would most likely favor which of the following expansionary policies?
A. Increase taxes B. Decrease taxes C. Increase government spending D. Decrease government spending
The highest personal income tax bracket in 1992 was _____ percent.
Fill in the blank(s) with the appropriate word(s).
In the short run, if AD increases, the unemployment rate will
A. Rise, and the price level will rise. B. Fall, and the price level will fall. C. Fall, and the price level will rise. D. Rise, and the price level will fall.