Since 1970, the U.S. economy has experienced two
A. recessions.
B. periods of high inflation.
C. deflations.
D. all of the above.
Answer: B
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If there is surplus of a good, then the quantity demanded ________ the quantity supplied and the price will ________
A) is less than; rise B) is less than; fall C) is greater than; rise D) is greater than; fall
A consumer's budget line for food (F) and shelter (S) is represented as F = 250 - 5S. If the price of shelter increases by 2 and consumption of shelter remains constant at 20, how will consumption of food change?
A) decrease by 10 B) decrease by 20 C) decrease by 40 D) decrease by 60
An increase in the price of gasoline above equilibrium will
A. Shift the gasoline supply curve to the right. B. Cause a shortage of gasoline. C. Cause a surplus of gasoline. D. Shift the gasoline demand curve to the right.
Which of the following is NOT a likely market solution to the lemons problem?
A. product certification B. average cost pricing C. industry standard D. product warranty