Which of the following is true about how the "invisible hand" influences economic activity through prices when a product has lower demand than supply?
a. The price must decrease, causing more buyers to buy and less sellers to sell.
b. The price must decrease, causing more buyers to buy and more sellers to sell.
c. The price must increase, causing less buyers to buy and more sellers to sell.
d. The price must increase, causing less buyers to buy and less sellers to sell.
a
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Leontief used an input-output table in order to test the
A) classical theory. B) the Heckscher-Ohlin theory. C) the Linder hypothesis. D) All of the above.
If protective import-restricting quota are imposed by a country, all of the following groups benefit EXCEPT
A) domestic producers in the affected industry. B) domestic consumers in the affected industry. C) employees of domestic producers in the affected industry. D) importers that are able to obtain the rights to sell imported items in the affected industry.
Who among the following is neither employed nor unemployed?
a. Susan, who is currently jobless because of an accident but is available for work b. Greg, who is a doctor working at a community hospital c. Steve, who is a civil engineer working for a construction company d. Izzie, who is currently jobless and has given up her job search due to market-related reasons
As price falls along the inelastic portion of a linear demand curve ________ decrease(s) while ________ increase(s).
A. only price; quantity demanded, consumer surplus, and consumer expenditures B. consumer surplus and price; quantity demanded and consumer expenditures C. quantity demanded and price; consumer surplus and consumer expenditures D. consumer expenditures and price; quantity demanded and consumer surplus