When there is a price floor there will be
A. a shortage.
B. a surplus.
C. either a shortage or a surplus.
D. neither a shortage nor a surplus.
B. a surplus.
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Which of the following countries has lower income mobility than the United States?
A. United Kingdom B. Germany C. Neither of these countries have lower income mobility than the United States. D. Both of these countries have lower income mobility than the United States.
If average labor productivity in two countries is the same, average living standards will be higher in the country with:
A. the smaller population. B. the higher share of population employed. C. the lower share of population employed. D. the larger population.
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
In a closed economy, imports equal ______.
a. GDP b. zero c. net revenue d. aggregate expenditures