If demand decreases and supply increases,
A. the market clearing price will decrease, and the equilibrium quantity will increase.
B. the market clearing price will decrease, and equilibrium quantity will decrease.
C. the equilibrium quantity will decrease, but the change in the market clearing price cannot be determined without more information.
D. the equilibrium price will decrease, but the change in the equilibrium quantity cannot be determined without more information.
Answer: D
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Which of the following statements best describes the concept of consumer surplus?
A) "I paid $89 for a microwave oven last week. This week the same store is selling the same microwave oven for $69." B) "Target was having a sale on tube socks so I bought 5 pairs." C) "I sold my hard copy of Harry Potter and the Half-Blood Prince to a used book store for $10 even though I was willing to sell it for $5." D) "I was going to pay $200 for new sunglasses that I had seen at the Oakley store but I ended up paying only $140 for the same sunglasses."
?Which of the following is true of the "Introduction" section while writing a paper?
A. ?It describes the general approach to answering the questions that have posed. B. ?It contains a few equations that one estimate and presents in the results section of the paper. C. ?It describes the data used in the empirical analysis. D. ?It states the basic objectives of the study and explains its importance.
The above table shows the daily production possibilities for a nation. According to the above table, the opportunity cost of each additional car in terms of televisions
A. is meaningless because the cost of cars cannot be expressed in terms of televisions. B. remains constant. C. falls as more cars are produced. D. increases as more cars are produced.