Democratic administrations generally are relatively more concerned about which of the following?
A) reducing government expenditures
B) reducing the rate of inflation
C) reducing the unemployment rate
D) balancing budget deficits
E) balancing trade deficits
C
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At equilibrium, the market will clear, with no surpluses or shortages occurring.
Answer the following statement true (T) or false (F)
What are some of the issues that economists have to worry about when studying developing nations that are very different from those of advanced industrialized nations?
What will be an ideal response?
Under monopoly
a. too small a share of society's resources is used to produce the monopolized commodity. b. Adam Smith's invisible hand assures efficient resource allocation. c. too large a share of society's resources is being used to produce the monopolized commodity. d. MC > MU.
If the price of film increases at the same time the cost of camera production increases, what will happen to the equilibrium price and quantity in the camera market?
A) Price will increase, quantity will decrease B) Price will increase, quantity will increase C) Price will decrease, quantity will decrease D) Price will decrease, quantity will increase E) The new equilibrium price and quantity cannot be determined