In the 1970s our economy suffered from _____ and _____.
Fill in the blank(s) with the appropriate word(s).
inflation; recessions
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A market is in equilibrium when
A) supply is equal to demand. B) the price is adjusting upward. C) the quantity supplied is equal to the quantity demanded. D) tastes and preference remain constant.
The size of the marginal propensity to consume determines the size of
a. government spending in the economy. b. the multiplier. c. planned investment in the economy. d. None of these.
There is empirical evidence on adverse selection in the used car market. One researcher found that owners of ________ try to sell them to ill-informed buyers while those of ________ cars try sell them to friends and family
a. lemons; good b. lemons; bad c. wrecked ones; expensive d. expensive ones; good
The substitution effect of an increase in the wage rate on the quantity of leisure demanded
A. gives people less purchasing power and so they will demand less leisure. B. makes leisure more expensive which leads people to work more. C. gives people more purchasing power and causes people to demand more leisure. D. makes leisure less expensive which causes people to work less.