Suppose roses are currently selling for $20 per dozen, but the equilibrium price of roses is $30 per dozen. We would expect a
a. shortage to exist and the market price of roses to increase.
b. shortage to exist and the market price of roses to decrease.
c. surplus to exist and the market price of roses to increase.
d. surplus to exist and the market price of roses to decrease.
a
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If a group of economists believes the following points are true, which is likely to be their policy making stance?
? Aggregate demand shocks have no long run effect on real Gross Domestic Product (GDP) or unemployment. ? Pure competition is widespread throughout the economy. ? Real wages are flexible. ? The Phillips Curve trade-off does not exist in the long run. A) They will support discretionary policy making. B) They will support passive policy making. C) They will support active policy making. D) They will argue that any attempt at economic policy making is futile.
The items included in the CPI are
A) final goods produced in the United States. B) final goods and services produced in the United States. C) goods and services consumed by the typical urban household. D) only goods and services produced within the current year and consumed by the typical household. E) goods but not services consumed by the typical urban household.
A mutual fund for which a fee is paid at the time of purchase is a:
a. no-load fund. b. face-end load fund. c. back-end load fund. d. fixed-end fund. e. front-end load fund.
Economic profit is total revenue less economic costs.
Answer the following statement true (T) or false (F)