An increase in quantity demanded caused no change in the equilibrium price. Thus, demand must be
A. elastic.
B. perfectly elastic.
C. perfectly inelastic.
D. inelastic.
Answer: B
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Over the past 100 years, in the United States the average growth rate of ________ grew at a faster rate than ________
A) real GDP; nominal GDP B) the population; real GDP C) real GDP; the population D) inflation; real GDP
When the production of a good has an external cost, the
A) marginal social cost curve lies below the marginal private cost curve. B) marginal social benefit curve lies above the marginal private benefit curve. C) equilibrium quantity in an unregulated, competitive market has a marginal social cost greater than the marginal social benefit. D) equilibrium quantity in an unregulated, competitive market has a marginal social cost less than the marginal social benefit.
The difference between gross public debt and net public debt is that
A) net public debt includes interagency borrowing while the gross domestic product debt does not. B) net public debt is expressed in real terms while gross public debt is expressed in nominal terms. C) gross public debt includes interagency borrowing while net public debt does not. D) gross public debt is held by individuals while net public debt is held by the government.
The buyers of a good will want to purchase it as long as their willingness to pay for the good is:
A) equal to zero. B) greater than zero. C) less than the price. D) greater than or equal to the price.