A market shortage occurs if the:
A) price is above the equilibrium price.
B) price is equal to the equilibrium price.
C) equilibrium price is above the current price.
D) equilibrium price is below the current price.
Ans: C) equilibrium price is above the current price.
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In 2002, the Enron corporation was accused of falsifying information regarding liabilities on Enron's balance sheets, thereby
A) reducing Enron's profit on the balance sheet. B) increasing Enron's net worth on the balance sheet. C) reducing Enron's net income on the income statement. D) increasing Enron's assets on the balance sheet.
Which of the following describes a situation in which demand must be elastic?
a. Total revenue increases by 15 percent when the price of corndogs rises by 15 percent. b. Total revenue increases by less than 15 percent when the price of corndogs rises by 15 percent. c. Total revenue decreases by more than 15 percent when the price of corndogs rises by 15 percent. d. Total revenue increases by $15 when the price of corndogs rises by $15. e. Total revenue increases by more than $15 when the price of corndogs rises by $15.
Which of the following is not considered a factor contributing to economic growth?
a. Growth in the quantity and quality of labor resources used b. Growth in physical capital inputs (machines, tools, buildings, and inventories) c. Growth in the money supply relative to the growth of final goods and services d. Government protection of property rights
It is impossible for a country to have a current account surplus and a balance of payments deficit at the same time.
Answer the following statement true (T) or false (F)