A shortage occurs when the quantity demanded exceeds the quantity supplied
a. True
b. False
Indicate whether the statement is true or false
False
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Due to low interest rates, increased banking regulations, and technological change, JPMorgan Chase announced it would ________ the number of persons it employed in 2015 and this would ________ the total number of persons unemployed in the economy
A) decrease; increase B) increase; decrease C) decrease; decrease D) increase; increase
Suppose the economy is initially experiencing a recessionary gap. A reduction in the size of the budget deficit will cause which of the following in the short run?
A) a reduction in the size of the recessionary gap and increase in real GDP. B) an increase in the size of the recessionary gap and decrease in real GDP. C) an increase in inflation and increase in aggregate supply. D) an inflationary gap.
If the price elasticity of demand is -0.8 and the firm increases price, revenue will
a. Increase b. Decrease c. Stay constant d. become zero, they would lose all their customers
Advocates of higher minimum wages for unskilled labor defend their position by arguing that
What will be an ideal response?