A condition in a market where quantity demanded equals quantity supplied is called
A) a shortage.
B) a surplus.
C) market equilibrium.
D) All of the above are possible correct answers.
C
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In determining wages, ability, effort, and chance
a. probably play no role whatsoever. b. play a role, but their importance is hard to gauge since ability, effort, and chance are hard to measure. c. play a role, and that role is fully captured in easy-to-measure factors such as human capital and age. d. play a role, and it is fully explained within the context of compensating differentials.
The Fed's monetary policy instrument is ________.
Fill in the blank(s) with the appropriate word(s).
Which of the following is necessary to make a trade in a barter economy?
A. Money B. Unlimited wants C. A medium of exchange D. A coincidence of wants
Assume that an economy experiences both positive population growth and technological progress. Once the economy has achieved balanced growth, we know that output (Y) is
A) constant. B) growing at a rate of gA + gN. C) growing at a rate of gN. D) growing at a rate of gA. E) growing at a rate of gA - gN.