The longer any price change lasts over time, the
A) more difficult it is to alter quantity demanded.
B) the more quickly quantity demanded will return to its original level.
C) the longer the short-run equilibrium will continue to be the short-run equilibrium.
D) more quantity demanded will change.
Answer: D
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In the figure above, U.S. consumers' ________ from the tariff is ________
A) loss; $176 million B) gain; $64 million C) loss; $80 million D) gain; $128 million
From any point below the current LM curve, money market equilibrium can be restored by some combination of a ________ income and a ________ interest rate that ________ the demand for money
A) higher, higher, increases B) higher, lower, increases C) higher, lower, reduces D) lower, higher, increases E) lower, higher, reduces
The trough of a contraction is
A. an external shock that causes economic activity to decline. B. the point in time at which the level of national business activity reaches a minimum before expanding again. C. the point in time at which the level of national business activity reaches a maximum before contracting again. D. the rate at which the level of business activity is declining.
Scarce resources give rise to the concept of
A. laissez-faire. B. positive economics. C. efficient markets. D. opportunity costs.