The point at which buyers and sellers "agree" on the quantity of a good they are willing to exchange at a given price is called:
A. equilibrium.
B. optimization.
C. maximization.
D. market collapse.
A. equilibrium.
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If real GDP declines in a given year, nominal GDP ________.
A. must also be increasing B. may either rise or fall C. must also be declining D. is likely to remain constant
Suppose the demand for peaches from South Carolina is perfectly elastic. If the supply curve is upward sloping and a tax is imposed on peaches from South Carolina, then
A) peach sellers pay all of the tax. B) peach buyers pay all of the tax. C) peach buyers and sellers evenly split the tax. D) the government does not collect any revenue from the tax. E) the tax does not change the equilibrium quantity of peaches.
Public saving is:
A. identical to the government budget surplus. B. less important to national saving than private saving. C. more important to national saving than private saving. D. increased when the government budget deficit rises.
What is a tariff?
What will be an ideal response?