If income is equally distributed, the Gini ratio is zero
Indicate whether the statement is true or false
TRUE
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If the demand curve for bikes shifts leftward and the supply curve for bikes shifts rightward, the equilibrium
A) price of bikes definitely increases. B) price of bikes definitely decreases. C) quantity of bikes definitely increases. D) quantity of bikes definitely decreases.
Downward sloping long-run supply curves occur in markets
A) with learning-by-doing. B) with increasing returns to scale. C) with constant returns to scale. D) Either A or B
In order to see how much production has increased, we need to extract the effects of lower prices on nominal GDP.
Select whether the statement is true or false. A. True B. False
Use the following table to answer the question below. Price per UnitQuantity Demanded per YearQuantity Supplied per Year$52,0000101,800300151,600600201,400900251,2001,200301,0001,500There will be a shortage whenever the price is
A. higher than $25. B. equals $25. C. higher than $30. D. lower than $25.