Using the data in the table above, if the price of a stapler is $8, then there is ________ of staplers and the quantity of staplers demanded ________ the quantity of staplers supplied
A) a shortage; is greater than
B) a surplus; is greater than
C) a shortage; is less than
D) neither a surplus nor a shortage; equals
E) a surplus; is less than
E
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If a person's nominal income increases by 5% while the price level increases by 2%, then that person's real income
A. increases by 3%. B. decreases by 2%. C. decreases by 7%. D. increases by 5%.
The last U.S. president to be in office when the government had a budget surplus was
A) George H. Bush. B) Dwight D. Eisenhower. C) Ronald Reagan. D) George W. Bush. E) Bill Clinton.
The superstar phenomenon applies to
a. all famous people equally. b. any type of worker who has high productivity. c. markets where technology allows the best producer to supply every customer at a low cost. d. markets where a small group of workers produce a much higher quality product than the average worker.
Per capita means per person.
Answer the following statement true (T) or false (F)