A market shortage is:
A.) Equal to the quantity supplied.
B.) Caused by a price ceiling.
C.) Caused by scarce resources.
D.) Caused by a price floor.
B.) Caused by a price ceiling.
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A positive statement i. makes a statement about how the world operates. ii. is a true statement. iii. can be tested against the facts
A) i and ii B) i and iii C) ii and iii D) i, ii and iii E) i only
The problem typically during a recession is not that there is too little money, but too little spending. If the problem was too little money, what would be its cause? If the problem was too little spending, what could be its cause?
What will be an ideal response?
The typical bundle of goods and services on which the GDP deflator is based
a. is narrower than the one used to calculate the CPI. b. is updated once every decade. c. is the same as the one used to calculate the CPI. d. is updated every year.
The United States began to pull out of a recession in the spring of 1991. Unemployment fell, but inflation did not increase. What was the most likely cause of this?
A. Aggregate demand was increasing at a faster rate than aggregate supply. B. Both aggregate demand and aggregate supply were decreasing. C. Aggregate supply was increasing at a faster rate than aggregate demand. D. Aggregate demand was increasing but aggregate supply was decreasing.