Refer to the information provided in Table 3.2 below to answer the question(s) that follow.Table 3.2Price per CheeseburgerQuantity Demanded (Cheeseburgers per Month)Quantity Supplied (Cheeseburgers per Month)$51,500 500 61,200 700 7 900 900 8 6001,100 9 3001,300Refer to Table 3.2. If the price per cheeseburger is $8, the price will
A. increase because there is an excess supply in the market.
B. decrease because there is an excess demand in the market.
C. remain constant because the market is in equilibrium.
D. decrease because there is an excess supply in the market.
Answer: D
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The "quantity equation" states that nominal GDP is equal by the definition of velocity to the money supply ________ velocity
A) plus B) minus C) multiplied by D) divided by
The law of increasing additional cost occurs when
A. resources are not perfectly adaptable for alternative uses. B. there are always shortages in some goods. C. technology is not used. D. there are always alternatives and it is costly to figure out which alternative is best.
Assume Congress decides that oil companies are making too much profit and decides to tax oil companies for each gallon of gasoline produced. This would
A) shift the marginal cost curve up. B) shift the marginal cost curve down. C) shift the average fixed cost curve up. D) shift the average fixed cost curve down.
Which of the following is NOT among the pressures imposed by the fixed-rate system on the government of a country that has ongoing international payments deficits?
A. The country faces a limit on its ability to sustain deficits. B. The country's money supply increases substantially resulting in a higher inflation. C. The country suffers deterioration in its creditworthiness. D. If the country cannot sterilize, then its money supply will decrease.