Which of the following is TRUE regarding markets? I) Economists define a market as a geographic location where trade occurs. II) A market enables buyers and sellers to get information about each other and to buy and sell from each other
III) Markets coordinate decisions through prices. A) I only
B) I and III
C) II and III
D) I, II and III
C
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Black markets emerge during times of
A. price floors. B. price ceilings. C. both price floors and price ceilings. D. neither price floors nor price ceilings.
For a closed economy with no government, we know that at every level of GDP actual investment equals
A. the difference between planned saving and actual saving. B. planned saving. C. the difference between planned investment and actual saving. D. planned investment.
In the above figure, point E represents the level of real GDP at which planned saving equals planned investment. At point A
A. unplanned inventories decrease. B. changes in inventories cannot be determined. C. unused industrial capacity exists in the economy. D. unplanned inventories increase.
Refer to the below information and table. How much of the farmland will be rented?
Suppose that the quantity of a certain type of farmland available is 400,000 acres, and the demand for this land is given in the table below.
A. 200,000 acres
B. 300,000 acres
C. 400,000 acres
D. 500,000 acres