What is general equilibrium?
What will be an ideal response?
General equilibrium is the condition that exists when all markets in an economy are in simultaneous equilibrium.
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From 1970 to 2006, the largest percentage increase in average real income for households in the United States occurred in which quintile?
A) the bottom quintile B) the second quintile C) the middle quintile D) the top quintile
Refer to Figure 2-6. If the economy is currently producing at point D, what is the opportunity cost of moving to point B?
A) 8 thousand wrenches B) 30 thousand wrenches C) 23 thousand hammers D) 0 hammers
Anthropologist E. T. Hall in his book The Silent Language said that:
a. What people do is more important than what they say b. Silence is meaningful c. Conflict is everything d. Beware of underlying messages
The demand for diet soft drinks (as a group) is relatively inelastic because
A) there are many of them on the market. B) there are few substitutes. C) the purchase of a soft drink represents a large portion of a person's budget. D) none of the above.