If equilibrium is present in a market,
a. the price of the product will tend to rise.
b. quantity demanded equals quantity supplied.
c. quantity demanded exceeds quantity supplied.
d. quantity supplied exceeds quantity demanded.
a. the price of the product will tend to rise.
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The primary additional insight provided by expanding the theory of demand from two to three goods is that a pair of goods may now be:
a. gross substitutes. b. gross complements. c. net substitutes. d. net complements.
A Chinese restaurant buys 10 cups of rice for $1; soy, fish and oyster sauces for $1 each; and assorted vegetables for $20. They create 10 meals with these ingredients and sell each one for $5. How much does this process contribute to GDP?
A. $23 B. $50 C. $73 D. $27
The marginal propensity to save plus the marginal propensity to consume always equals 1
a. True b. False Indicate whether the statement is true or false
Which of the following is NOT an appropriate role for government to play in the economy?
A. Addressing externalities B. Promoting free speech in marketing C. Redistributing income D. Regulating markets