Refer to the information provided in Figure 3.14 below to answer the question(s) that follow.
Figure 3.14Refer to Figure 3.14. The market for sunglasses ________ at a price of $60 and a quantity of 450 sunglasses.
A. has a shortage
B. has a surplus
C. is in equilibrium
D. cannot remain in business
Answer: C
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Simplified trend models are generally appropriate for predicting the turning points in an economic time series
a. true b. false
Which of the following is an accurate statement about landlords who handle rent-controlled apartments?
a. They often must rent to people they are biased against. b. They often discriminate against possible “undesirable” renters. c. They often prefer renting to people with low incomes. d. They often have few possible renters to choose from.
During a recession, banks are likely to
A. experience a deficit. B. decrease deposits. C. hold excess reserves. D. Banks are likely to do all of these choices.
If individual A has comparative advantage in painting and individual B has comparative advantage in carpentry, then
A. specialization will not occur, since each does not have a clear absolute advantage. B. individual B will specialize in painting. C. there is a lower opportunity cost (expressed in units of carpentry) for individual A to paint than for individual B to paint. D. individual A must use fewer hours to paint a fence than individual B.