Suppose the equilibrium price of wheat is $2.25 per bushel. At a price below that,
What will be an ideal response?
quantity supplied would be less than quantity demanded.
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If the market for roller blades is at a competitive equilibrium, and there are no external costs or benefits, then
A) marginal social benefit is equal to marginal social cost. B) the sum of consumer surplus and producer surplus is maximized. C) resources are being used efficiently. D) All of the above answers are correct.
Why is deflation such a problem?
A. It increases the value of debt, making it harder to pay it back. B. It decreases the value of debt, making it harder to pay it back. C. It increases the value of debt, making it easier to pay it back. D. It decreases the value of debt, making it easier to pay it back.
The ability of a country to produce a specific good at a lower opportunity cost than its trading partners is known as
A. The human advantage. B. Absolute advantage. C. The inequality trap. D. Comparative advantage.
Taylor has the following assets and liabilities:Two cars$15,000House$400,000Mortgage$300,000Cash$1,000Car loans$5,000Checking account balance$3,000Credit card balance$3,000What is the value of Taylor's liabilities?
A. $308,000 B. $311,000 C. $300,000 D. $303,000