Another name for a shortage is
A) excess quantity supplied.
B) excess quantity demanded.
C) equilibrium.
D) market clearing.
Answer: B
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Which one of the following statements best describes the results of the Clean Air Act in the United States?
a. It has been successful at reducing levels of both criteria and toxic pollutants b. It has been unsuccessful at reducing levels of both criteria and toxic pollutants c. It has been successful in reducing levels of criteria pollutants, but levels of toxic pollutants have increased d. It has been successful in reducing levels of toxic pollutants, but levels of criteria pollutants have increased e. It is too early to judge whether the Clean Air Act has reduced pollution levels
A monopoly's short-run supply curve is upward-sloping because of diminishing marginal returns.
a. true b. false
Assume you save $1,000 in a bank account that pays 8 percent interest per year and the inflation rate is 3 percent. At the end of the year you have earned
A) a nominal return of $50. B) a negative real return. C) a real return of $50. D) a real return of $80.
The total public debt as a percentage of GDP for the United States in 2011 was in the vicinity of
a. 25 percent. b. 70 percent. c. 90 percent. d. 120 percent.