If the price of a video download is below its equilibrium price, the quantity supplied is ________ than the quantity demanded
If the price of a video download is above its equilibrium price, the quantity supplied is ________ than the quantity demanded. A) less; greater
B) greater; less
C) less; less
D) greater; greater
A
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Which of the following will increase the supply of a product?
A) an increase in the price of the product B) an increase in the demand for the product C) an increase in the number of sellers D) a decrease in the demand for the product E) an increase in the price of inputs
"The new goods bias puts a downward bias into the CPI and its measure of the inflation rate." Is the previous sentence correct or not? Explain your answer
What will be an ideal response?
Real GDP =________ where the price level is the ________
A) Nominal GDP × Price level; GDP deflator B) Nominal GDP ÷ Price level; GDP deflator C) Nominal GDP ÷ Price level; CPI D) Nominal GDP × Price level; CPI E) none of the above
Which of the following is considered to be the best method of production?
a. Capital-intensive method b. Least-cost method c. Labor-intensive method d. Scarce resource method