If supply decreases and the price doesn't change, there will be
A. neither a shortage nor a surplus.
B. both a shortage and a surplus.
C. a shortage.
D. a surplus.
Answer: C
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A shortage means that the quantity demanded is greater than the quantity supplied at the prevailing price
a. True b. False Indicate whether the statement is true or false
Per capita GDP is a measure of the dollar value of output produced by an average worker in one hour
a. True b. False Indicate whether the statement is true or false
Since the early 1980s, debt ratios for the OECD countries have
A) increased. B) remained constant. C) decreased slightly. D) decreased dramatically, and are now close to zero. E) become impossible to define.
Assume contracts between workers and employers that call for an increase in the wage rate of 5 percent are based on an expected inflation rate of 3 percent. Should inflation actually be 6 percent, then:
A. Nominal wages fall by 5 percent B. Real wages fall by 6 percent C. Nominal wages fall by 1 percent D. Real wages fall by 1 percent