A shortage exists
A) in equilibrium.
B) when quantity supplied is greater than quantity demanded.
C) when quantity supplied is less than quantity demanded.
D) at the market clearing price.
C
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Unit taxes vary along with the price of the taxed commodity.
A. True B. False C. Uncertain
Free trade can promote greater output because of the principle of comparative advantage
a. True b. False Indicate whether the statement is true or false
The quantity theory of money states explicitly that the:
A. money supply is determined by the price level. B. there is no relationship between the value of money and the quantity of money in existence. C. value of money is determined by the overall quantity of money in existence. D. Real GDP is determined by the money supply.
Which of the following is a true statement about obstacles to increased economic integration?
A) Countries generally agree about appropriate environmental standards. B) Domestic policies do not affect international trade. C) Production changes due to trade redistribute income fairly. D) Adopting common standards gives an advantage to firms that already meet those standards.