Refer to the information provided in Table 3.2 below to answer the question(s) that follow.Table 3.2Price per CheeseburgerQuantity Demanded (Cheeseburgers per Month)Quantity Supplied (Cheeseburgers per Month)$51,500 500 61,200 700 7 900 900 8 6001,100 9 3001,300Refer to Table 3.2. If the price per cheeseburger is $9, there is a(n)
A. excess demand of 500 units.
B. market equilibrium.
C. excess supply of 1,000 units.
D. excess demand of 300 units.
Answer: C
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Other things being constant, an economy must give up some consumer goods and services today to produce more capital goods in order to grow
a. True b. False Indicate whether the statement is true or false
According to supply-side economists, what impact do mandatory benefits have?
A. They increase payroll costs and shift AS to the left. B. They reduce payroll costs and shift AS to the right. C. They increase payroll costs and shift AS to the right. D. They reduce payroll costs and shift AS to the left.
How does this graph indicate inelastic demand?
a. The distance between Q1 and Q2 is the same as the distance between P1 and P2.
b. The distance between Q1 and Q2 is less than the distance between P1 and P2.
c. The distance between Q1 and Q2 is slightly more than the distance between P1 and P2.
d. The distance between Q1 and Q2 is much more than the distance between P1 and P2.
The greater demand for paid childcare services as women's labor force participation increases represents primarily:
A. no change in economic activity. B. a switch from non-market to market production. C. a switch from market to non-market production. D. a decrease in economic activity.