Another name for a shortage is
A. equilibrium.
B. excess quantity supplied.
C. market clearing.
D. excess quantity demanded.
Answer: D
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One In The News article is titled "The Misery Index." If terrorist attacks result in a decrease in immigration, the misery index will
A. Remain unchanged. B. Increase, decrease, or remain unchanged, depending on circumstances. C. Decrease. D. Increase.
Demand-pull inflation is associated with:
A. decreasing total spending (demand). B. increasing total spending (demand). C. decreasing costs of production (supply). D. increasing costs of production (supply).
Megabucks and CashCow are the only two firms in a market. Each firm must decide whether to price high or price low. The payoffs from each strategy combination are shown to the right long dash in millions of dollars
The frist number in each pair is Megabucks' profit; the second is CashCow's profit.
If the firms cooperate, the strategy that Megabucks will choose is __________, and the strategy that CashCow will choose is __________.
If the firms behave opportunistically, the strategy that Megabucks will choose is __________, and the strategy that CashCow will choose is __________.
The primary gain from international trade is:
A. increased employment in the domestic export sector. B. more goods than would be attainable through domestic production alone. C. tariff revenue. D. increased employment in the domestic import sector.