If demand falls and supply falls, equilibrium price will _____ and equilibrium quantity will _____.
Fill in the blank(s) with the appropriate word(s).
rise, fall, or stay the same; fall
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In 2006, hurricanes damaged many parts of Texas, destroying homes, businesses, schools, and infrastructure. In strictly economic terminology, these hurricanes are said to have caused
A) scarcity, because the damages made food and shelter scarce. B) scarcity, because some goods were difficult to get. C) shortages, because supplies were cut off and goods were destroyed. D) tradeoffs, because some areas of the country were damaged when others were not.
The allocation of consumer income that balances the ratio of marginal utility to the price of goods purchased is known as ______.
a. the anchor b. consumer equilibrium c. the endowment effect d. marginal utility
Suppose that domestic investment in Japan is 20.2% of GDP, and Japanese national savings is 24% of GDP. What is Japan's foreign investment as a percentage of GDP?
A) 1.19% B) 3.8% C) 27.8% D) 44.2%
Which of the following is a shortcoming of GDP?
a. GDP excludes changes in inventories. b. GDP includes an estimate of illegal transactions. c. GDP excludes nonmarket transactions. d. GDP excludes business investment spending.