The figure below shows the supply and demand curves for jeans in Smallville.
At a price of $60 per pair, there will be an excess ________ of ________ pairs of jeans per day.
A. supply; 16
B. supply; 24
C. demand; 8
D. demand; 16
Answer: A
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In order to move aggregate demand to the level consistent with full employment by means of fiscal policy, government officials who set the budget must know
A) the current level of aggregate demand. B) the level of aggregate demand that would be consistent with full employment. C) the size of the budget changes required to induce the appropriate-sized changes in aggregate demand. D) all of the above.
Which of the following statements best represents the principle represented by the adage, "There is no such thing as a free lunch"?
a. Michelle can attend the concert only if she takes her sister with her. b. Michael is hungry and homeless. c. Andrea must repair the tire on her bike before she can ride it to class. d. Dani must decide between going to Florida or Brazil for spring break.
One of the fundamental problems in economics is how to deal with ________.
a. limited resources but practically unlimited economic desires b. limited resources and limited desires c. unlimited resources and limited desires d. unlimited resources and unlimited desires
Refer to the table. In a choice between the highway and the lighthouse:
A. a majority of voters favor the lighthouse.
B. a majority of voters favor the highway.
C. the voters are indifferent as between the two.
D. no voter decision is possible.