The short-run effect of an increase in the money supply is to
A) increase real GDP only.
B) increase the price level only.
C) increase both real GDP and the price level.
D) increase nominal GDP but decrease the price level.
C
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Industry supply and demand are given by QD = 1000 - 2P and QS = 3P
a. What is the equilibrium price and quantity? b. At a price of $100, will there be a shortage or a surplus, and how large will it be? c. At a price of $300, will there be a shortage or a surplus, and how large will it be?
The union participation rate in the United States is
a. highest among government employees b. highest among private sector workers c. highest in the smokestack industries d. highest in the service sector e. higher than in Sweden
The quantity of goods exchanged in a market will be below the equilibrium quantity
a. when the price is either held above or below the equilibrium price. b. only when the price is held above the equilibrium price. c. only when the price is held below the equilibrium price. d. only when the price is rising.
Which of the following is the best example of scarcity?
A) The Talking Teddy is a surprise holiday hit, resulting in long lines of consumers trying to purchase the limited number of available Teddies. B) Fred only gets a 10-hour lunch break and each day must decide between working out at the gym or socializing with his colleagues. C) The local market's buy-one-get-one-free sale on strawberries results in more people wanting the berries than producers are able and willing to supply. D) Pokemon Go is the most popular cell-phone app that can be downloaded free from an app store.