From Table 2.3, at the price of $3, there is a 
A. shortage of 2.
B. shortage of 4.
C. neither a shortage nor a surplus.
D. surplus of 4.
Answer: C
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Which of the following statements is true?
A) Economists are fairly certain that globalization leads to an increased standard of living. B) During the 1990s, the annual percentage change in output per person was negative in globalized developing countries, but positive in less globablized countries. C) When it comes to globalization it is generally easier to see the benefits than to see the costs. D) The benefits of globalization are more visible than the costs, since they tend to be concentrated on a relatively smaller group of people.
Which of the following statements is not true of the yield curve for U.S. Treasury securities?
A. The yield curve shows the relationship among securities of different maturities. B. The yield curve usually slopes upward. C. The yield curve can shift over time. D. The yield curve usually is inverted.
The category of spending called "food away from home" makes up a smaller proportion of the market basket than which of the following categories?
A. Food at home B. Gasoline C. Medical care D. Education
If the demand for a product remains the same and the supply falls,
A. both the market clearing price and the equilibrium quantity will rise. B. the market clearing price will rise and the equilibrium quantity will fall. C. both the market clearing price and the equilibrium quantity will fall. D. the market clearing price will fall and the equilibrium quantity will rise.