The term "shortage" refers to a:
A. situation in which the quantity supplied is less than the quantity demanded.
B. situation in which the quantity demanded is less than the quantity supplied.
C. signal that producers need to decrease the price of the good.
D. market in which goods have to be sold quickly or the goods tend to rot or otherwise expire.
Answer: A
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Phillip is going for a job interview. He will have a higher bargaining power if:
A) he is the only applicant. B) there are several applicants. C) no other company has a job opening. D) he is a college freshman.
Which of the following countries experienced hyperinflation during the 1920s?
A) The United States B) Canada C) Germany D) England
Which of the following best describes the "guiding function" of price?
A) In response to a surplus or shortage in two markets, price serves as a "guiding function" by decreasing in one market and increasing in the other market in the short run. B) The guiding function of price is the movement of resources into or out of markets in response to a change in the equilibrium price of a good or service. C) The guiding function of price occurs when the market price changes to eliminate the imbalance between supply and demand caused by a shortage or surplus at the original price. D) The guiding function usually occurs in the short run while the rationing function usually occurs in the long run.
Government expenditures on housing subsidies at all levels total more than $45 billion a year
a. True b. False