An unregulated market economy provides material wealth, but does not generate effective control of environmental damage
a. True
b. False
Indicate whether the statement is true or false
True
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If there is excess demand in a market, then this suggests that:
A. the market price is above the equilibrium price. B. there is an opportunity for mutually beneficial trades. C. there is no way to help some people without harming others. D. the market is in equilibrium.
If the CPI at the end of last year was 100 and the CPI at the end of this year was 115, the inflation rate was
A) 1.5 percent. B) 15 percent. C) 100 percent. D) 115 percent.
If the quantity of goods and services produced in the economy decreases,
A) real GDP would certainly increase. B) nominal GDP would certainly increase. C) it may be possible for nominal GDP to increase. D) it may be possible for real GDP to increase.
If inflation and unemployment is rising at the same time, then this is most likely the result of a shift
a. downward in the aggregate demand schedule. b. upward in the aggregate demand schedule. c. downward in the aggregate supply schedule. d. upward in the aggregate supply schedule. e. none of the above can explain this