Aggregate measures are
A. determined by the government.
B. used only by policymakers but not by firms.
C. anything to do with economics.
D. a total measure of a variable in the economy.
Answer: D
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When the market price is above the equilibrium price, the quantity of the good demanded exceeds the quantity supplied
a. True b. False Indicate whether the statement is true or false
An example of a private good would be
a. a library book. b. a rose garden. c. an internet radio subscription. d. a sleeping bag.
Barry was a mortgage originator from 2002 to 2007. He often had clients who had limited financial assets, but he nevertheless encouraged them to take out large mortgages he felt they probably could not afford. Briefly explain why Barry would have been motivated to make such financial transactions.
What will be an ideal response?
Every time we use scarce resources in one way, we give up the opportunity to use them in other ways.
Answer the following statement true (T) or false (F)