Which of the following statements describes a shortage?
a. At a lower price, the quantity demanded is below the quantity supplied.
b. At the existing price, the quantity demanded is below the quantity supplied.
c. At a higher price, the quantity demanded exceeds the quantity supplied.
d. At the existing price, the quantity demanded exceeds the quantity supplied.
d. At the existing price, the quantity demanded exceeds the quantity supplied.
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For barter to occur there must be
A) two people willing to pay with credit. B) a double coincidence of wants for each good to be exchanged. C) one person who pays cash. D) hyperinflation.
________ unemployment occurs due to a mismatch between the jobs that are available and the skills of workers seeking jobs
A) Frictional B) Cyclical C) Voluntary D) Structural
Crude oil is not an example of a factor of production, but when crude oil is processed into gasoline, it is a factor of production
Indicate whether the statement is true or false
In assessing Superfund, we observe
a. a market-based approach to waste site clean-up b. the use of benefit-cost analysis to determine abatement levels c. inefficiency due to uniform site cleanup d. weak legal standards to identify PRPs