At an equilibrium price:
a. quantity demanded exceeds quantity supplied.
b. quantity demanded equals quantity supplied
c. quantity demanded is less than quantity supplied.
d. there is no scarcity.
b
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Revenue for state and local governments is mainly sourced from: a. personal income taxes
b. sales and property taxes. c. corporate income taxes. d. license fees.
Which of the following tends to make the size of a shift in aggregate demand resulting from a tax change smaller than would otherwise be the case?
a. the multiplier effect b. the crowding-out effect c. expansionary monetary policy d. None of the above is correct.
Unemployment rates above the target rate of unemployment lead to:
A. an upward shift of the short-run Phillips curve. B. a rightward shift of the long-run Phillips curve. C. a leftward shift of the long-run Phillips curve. D. a downward shift of the short-run Phillips curve.
Using the above table, the market clearing price for this product is
A. $5. B. $2. C. $4. D. $3.