Which of the following correctly describes a shortage? Question 4 options:
A. Some buyers are unable to buy as much as they want at the current price.
B. The quantity demanded equals the quantity supplied but the price is less than the equilibrium price.
C. The quantity demanded equals the quantity supplied but the price is higher than the equilibrium price.
D. The quantity demanded is less than the quantity supplied.
E. Some sellers are unable to sell all they want to at the current price.
A. Some buyers are unable to buy as much as they want at the current price.
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Two economists can agree that raising the minimum wage creates unemployment yet one might argue that raising the minimum wage is a good policy and the other that it is a bad policy
Why can this difference exist? Be sure to use the terms positive and normative in your answer.
The law of diminishing marginal utility explains why
A. economists think that utility is a fallacy. B. consumers optimize by spending all of their income. C. individual demand curves have a negative slope. D. marginal utility rises as total utility falls.
Which of the following is the best indication that the government is pursuing restrictive fiscal policy?
A. The cyclical deficit increases. B. The total deficit increases. C. The structural deficit increases. D. The structural deficit decreases.
Research around the world indicates that the underground economy grows more widely when:
a. tax rates decrease b. government regulations increase c. government corruption is on the decline d. all of the above make the underground economy grow