Refer to the data. Equilibrium price will be:
Answer the question on the basis of the given supply and demand data for wheat:
A. $4.
B. $3.
C. $2.
D. $1.
C. $2.
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Which of the following is true?
i. A price ceiling set above the equilibrium price has no effects. ii. A price ceiling set below the equilibrium price creates a surplus. iii. A price floor set above the equilibrium price has no effects. A) only i B) only ii C) only iii D) i and ii E) ii and iii
In the figure, the unregulated market equilibrium occurs at a price of ________ a ton and quantity of ________ tons
A) $100; 4,000 B) $150; 2,000 C) $150; 4,000 D) $225; 4,000 E) $100; 2,000
If there is an improvement in technology that affects only Aggregate Supply and a nation's wealth falls due to sagging stock market, then:
a. Aggregate demand rises, and aggregate supply falls. b. Aggregate demand and aggregate supply rise. c. Aggregate demand and aggregate supply fall. d. Neither aggregate demand nor aggregate supply change. e. Aggregate demand falls, and aggregate supply rises.
If the stock of money is $200 billion, velocity is 5, and the price level is 5, what is income?
A. $8 billion B. $40 billion C. $200 billion D. $5,000 billion