A shortage exists in a market if
a. there is an excess supply of the good.
b. quantity supplied exceeds quantity demanded.
c. the current price is below its equilibrium price.
d. All of the above are correct.
c
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
There is much agreement among policy analysts and researchers that the 1996 welfare reform has failed
a. True b. False
GDP is the market value of all final goods and services produced by a country's citizens in a given period of time
a. True b. False Indicate whether the statement is true or false
Which of the following countries had the highest unemployment rate for workers under 25 in 2009?
A. Italy B. France C. Great Britain D. Spain