Which of the following is NOT a characteristic of a market in equilibrium?
A. There is neither excess supply nor excess demand.
B. Sellers can sell as many units as they want at the equilibrium price.
C. Neither buyers nor sellers want the price to change.
D. Buyers can buy as many units as they want at the equilibrium price.
Answer: C
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The value of currently produced final goods and services measured in current year prices is called:
A) real GDP. B) nominal GDP. C) imputed values. D) inflation.
Under the flexible exchange rate system, when a country tries to stimulate economic growth and improve its employment rates, it is likely to cause:
a. the domestic inflation rate to rise and the domestic currency to depreciate. b. the domestic inflation rate to rise and the domestic currency to appreciate. c. the domestic inflation rate and the value of the domestic currency to remain constant. d. the domestic inflation rate to fall and the domestic currency to appreciate. e. the domestic inflation rate to fall and the domestic currency to depreciate.
If the government imposes a binding price floor in a market, then the consumer surplus in that market will increase
a. True b. False Indicate whether the statement is true or false
An increase in the demand for computers leads to an increase in demand for computer programmers. This situation arises because:
A. programmers minimize the costs of production. B. the supply of programmers has decreased. C. the demand for programmers is a derived demand. D. of producer sovereignty in resource markets.