Economists argue that when the price of a textbook rises, students reduce their quantity demanded of textbooks. This cause-and-effect relationship holds only under conditions of
a. moderate price increases
b. market flexibility
c. complete information
d. ceteris paribus
e. consumer sovereignty
D
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The Public Company Oversight Board oversees accounting regulation in the United States
Indicate whether the statement is true or false
A budget deficit is the:
A. total amount of money that a government owes. B. amount of money a government spends beyond the net revenue it brings in. C. total amount of money that a government spends for discretionary policies. D. amount of net revenue a government brings in beyond what it spends.
An inflationary gap is the amount by which
A. the short-run equilibrium level of nominal GDP is above the short-run level of real GDP. B. total planned production exceeds total planned real expenditures in the long run. C. the short-run equilibrium level of nominal GDP is below the short-run level of real GDP. D. the short-run equilibrium level of real GDP is above the full-employment level of real GDP.
Using the data in the table above, if the price of a stapler is $5, then there is ________ of staplers, and the quantity of staplers demanded ________ the quantity of staplers supplied
A) a shortage; is greater than B) a surplus; is less than C) a shortage; is less than D) a surplus; is greater than E) neither a surplus nor a shortage; equals