A shortage of textbooks will cause
a. a decrease in the supply of textbooks
b. a decrease in the demand for textbooks
c. both an increase in the supply of textbooks and a decrease in the demand for textbooks
d. an increase in the price of textbooks, caused by a shift of either the supply curve or the demand curve
e. an increase in the price of textbooks
E
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If you knew that two countries had the same level of real GDP per person, what additional piece of information would help you determine in which country people had a better standard of living?
A. The total physical volume of output for each country B. The average level of prices in each country C. The average number of hours worked per week in each country D. The population of each country
Because it has a direct effect on the hiring decisions of firms, a change in business confidence has a much larger impact on the level of economic activity than does a change in consumer confidence
Indicate whether the statement is true or false
Poverty in the United States is defined as having an income that is less than the ____ level that is necessary to provide the basic necessities of life
a. sustainable b. relative c. absolute d. lowest quintile
Most economists believe that classical theory describes the world in the short run but not in the long run
a. True b. False Indicate whether the statement is true or false