If supply decreases and demand increases,
A. the effect on the market clearing price is indeterminate, and the equilibrium quantity definitely falls.
B. the market clearing price definitely rises, and the equilibrium quantity falls.
C. the market clearing price definitely rises, and the equilibrium quantity is indeterminate.
D. the market clearing price definitely falls, and the effect on the equilibrium quantity is indeterminate.
Answer: C
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During the rapid urbanization and industrialization between 1815 and 1859, there were no economic depressions.
Indicate whether the statement is true or false
If the price of Good X falls and total revenue rises, then
A. Demand for Good X is inelastic. B. The price elasticity of demand for Good X is equal to 1. C. Demand for Good X is unitary elastic. D. Demand for Good X is elastic.
Suppose an economy consists of 500,000 individuals 16 years and older, 260,000 are employed, and 21,000 are unemployed but actively seeking work. In this example the unemployment rate is approximately:
A. 4.2 percent. B. 6.1 percent. C. 7.5 percent. D. 8.0 percent.
In recent years the life insurance industry has emphasized
A) whole life policies. B) group insurance. C) less risky investments. D) the purchase of short-term assets.