Figure 4-14
In , which of the following is true at the price ceiling, P?
a.
The excess quantity supplied equals 300 gallons.
b.
The excess quantity demanded equals 300 gallons.
c.
The excess quantity supplied equals 500 gallons.
d.
The excess quantity demanded equals 800 gallons.
e.
Sales will be equal to 800 gallons.
b
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U-1 is a more ________ measure of unemployment rate than the conventional U-3 measure and U-1 counts as unemployed workers who ________
A) narrow; have been unemployed for 15 weeks or more weeks B) broad; have been laid off C) broad; are marginally attached to the labor force D) narrow; have been laid off E) broad; who are discouraged workers
Yvette buys and sells real estate. Two weeks ago, she paid $300,000 for a house on Pine Street, intending to spend $50,000 on repairs and then sell the house for $400,000 . Last week, the city government announced a plan to build a new landfill on Pine Street just down the street from the house Yvette purchased. As a result of the city's announced plan, Yvette is weighing two alternatives: She
can go ahead with the $50,000 in repairs and then sell the house for $290,000 . or she can forgo the repairs and sell the house as it is for $250,000 . She should a. keep the house and live in it. b. go ahead with the $50,000 in repairs and sell the house for $290,000. c. forgo the repairs and sell the house as it is for $250,000. d. move the house from Pine Street to a more desirable location, regardless of the cost of doing so.
Imagine two economies that are identical except that for a long time, economy A has had a money supply of $1,000 billion while economy B has had a money supply of $500 billion. It follows that
a. real GDP and the price level are lower in country B. b. real GDP, but not the price level, is lower in country B. c. the price level, but not real GDP is lower in country B. d. neither the price level or real GDP is lower in country B.
Figure 11-8
Given the average cost curve shown in Figure 11-8 for dry cleaning, where Q1 is the quantity demanded in a small town, and Q2 for a larger town, you would expect dry cleaning to be a monopoly
a.
in a small town, but not a large one.
b.
in both large and small towns.
c.
in a large town, but not a small one.
d.
only if the process is patented.