Which of the following statements differentiates between a shortage and a surplus?
A) A shortage occurs when price is held at the equilibrium price, but a surplus occurs when price is held above the equilibrium price.
B) A shortage occurs when price is held below the equilibrium price, but a surplus occurs when price is held at the equilibrium price.
C) A shortage occurs when quantity supplied exceeds quantity demanded, whereas a surplus occurs when quantity demanded exceeds quantity supplied.
D) A shortage occurs when quantity demanded exceeds quantity supplied, whereas a surplus occurs when quantity supplied exceeds quantity demanded.
D
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The primary function of the World Bank is to:
a. lend money to the World Trade Organization. b. provide loans to countries experiencing huge budget deficit. c. finance economic development in poor countries. d. assist countries experiencing balance of payments deficits. e. finance the fiscal stabilization program of the U.S. government.
According to the following graph, if U2 is the maximum attainable utility, the price of X is
The price of Y is $50.
A. $10. B. $25. C. $15. D. $20. E. none of the above
The unemployment rate in a town in which 65,400 persons are employed and 11,000 are unemployed equals:
A. 20.2 %. B. 16.8%. C. 14.4%. D. 11%.
In Canada today, how much gold will the Bank of Canada give you in exchange for $1?
A) none B) $1 worth of gold (based on the market price of an ounce of gold at the time you redeem the gold) C) 1 ounce of gold D) 1/35th of an ounce of gold