If a legal price ceiling is set above the equilibrium price:
A. a shortage of the product will occur.
B. neither the equilibrium price nor the equilibrium quantity will be affected.
C. a surplus of the product will occur.
D. a black market will evolve.
Answer: B
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If the number of employed people in a country is 21 million, and the number of unemployed workers in a country is 10 million. The size of the labor force in the country is equal to ________
A) 31 million B) 21 million C) 11 million D) 10 million Consider an economy that consists of the following economic agents only. 2 million full-time workers 1 million part-time workers 1 million people who have been laid off by their employers but are currently looking for employment 1 million children of age fifteen years or less 2 million housewives not looking for jobs
During 2013, exports increase from $1.0 trillion to $1.5 trillion. If the slope of the aggregate planned expenditure (AE) curve is 0.75, real GDP increases by
A) $8.0 trillion. B) $2.0 trillion. C) $6.0 trillion. D) $1.0 trillion. E) $4.0 trillion.
The figure illustrates the market for bagels. Initially the market is in equilibrium, Then the number of bagels produced is cut from 20 to 10 an hour and the price rises to $2.00 per bagel. Consumer surplus decreases by ________
A) $5.00 an hour B) $2.50 an hour C) $7.50 an hour D) $0.50 a bagel
If the interest rate is 7 percent, what is the current value of $80 to be received one year from now?
a. $47.05 b. $74.77 c. $85.60 d. $136