What happens to equilibrium quantity when simultaneously the demand curve shifts left and the supply curve shifts right?
A. Equilibrium quantity will increase.
B. Equilibrium quantity will decrease.
C. Equilibrium quantity will remain the same.
D. Equilibrium quantity may increase, decrease, or remain the same depending on the magnitude of the shifts in demand and supply.
D. Equilibrium quantity may increase, decrease, or remain the same depending on the magnitude of the shifts in demand and supply.
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Anna and Maria produce shirts and ties. The figure above shows Anna's PPF and Maria's PPF. Anna and Maria can achieve the gains from trade if Anna produces ________ and Maria produces ________
A) ties; shirts B) shirts and ties; only ties C) only ties; shirts and ties D) shirts; ties
Inflation is measured by examining the percent increase in the ________ from one year to the next.
A. CPI B. price of gas C. GDP growth D. nominal GDP
From 1977 to 2015, what year had the largest budget deficit?
a. 1999 b. 2000 c. 2009 d. 2015
A correct formula (dropping all minus signs) for the calculation of the elasticity of demand between point Q1, P1 and point Q2, P2 is
a. [(P2 ? P1)/(P2 + P1)]/[(Q2 ? Q1)/(Q2 + Q1)]. b. [(P2 ? P1)/P1]/[(Q2 ? Q1)/Q1]. c. [(Q2 ? Q1)/(Q2 + Q1)]/[(P2 ? P1)/(P2 + P1)]. d. [(Q2 ? Q1)/Q2)]/[(P2 ? P1)/P2].