If demand rises and supply falls, equilibrium price will _____ and equilibrium quantity will _____.
Fill in the blank(s) with the appropriate word(s).
rise; rise, fall or stay the same
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The U.S. oil industry has only a few firms in it, so an economists is likely to describe the industry as
A) a monopoly. B) an oligopoly. C) perfectly competitive. D) monopolistically competitive. E) Both answers C and D can be correct.
The IS curve is Y = 20 - 1.5r, and the aggregate demand curve is Y = 15.5 - 0.3?. When the inflation rate is 3 percent, output is ________
A) 20 B) 14.6 C) 9.5 D) 3.6 E) none of the above
When a tax is levied on a good,
a. neither buyers nor sellers are made worse off. b. only sellers are made worse off. c. only buyers are made worse off. d. both buyers and sellers are made worse off.
Refer to the table. In a choice between public safety and parks:
A. the outcome would depend on which item was listed first on the ballot.
B. a majority of voters would favor public safety.
C. no voter decision is possible.
D. a majority of voters would favor parks.