Macroeconomic equilibrium is always good, because:
a. It gives the nation a breather and allows it to catch up with itself economically.
b. Because it is the only place where actual demand equals actual supply.
c. Because it is the only place where planned demand equals planned supply.
d. Actually, macroeconomic equilibrium can be either good or bad. It is not always good.
e. All of the above.
.D
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If price increases and sellers supply a larger quantity, this represents
A. a change in quantity supplied. B. a change in supply. C. an increase in supply. D. a decrease in supply.
A worker would be hurt least by inflation when the:
A. Worker anticipates inflation and increases savings at the bank B. Worker is protected by a cost-of-living adjustment clause in an employment contract C. Worker is protected by fixed annual increases in wages and benefits in an employment contract D. Government increases the level of social security retirement benefits to correct for the effects of anticipated inflation
If we ignore the negative or positive sign, the midpoint method of calculating a percentage change in price between two points on a demand curve results in
A) a smaller percentage change if the price rises than if it falls. B) the same percentage, regardless of whether the price increases or decreases. C) the price elasticity of demand. D) the price elasticity of supply. E) a higher percentage change if the price rises than if it falls.
Assume that steak and potatoes are complements. When the price of steak goes up, the demand curve for potatoes:
A) shifts to the left. B) shifts to the right. C) remains constant. D) shifts to the right initially and then returns to its original position.