If quantity demanded is greater than quantity supplied, then
a. an excess supply exists
b. the market is in equilibrium
c. the price will rise
d. the supply curve must be vertical
e. there will be no tendency for the situation to change
C
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A decrease (shift to the left) in aggregate supply can lead to
a. demand-pull deflation b. demand-pull inflation c. prosperity d. cost-push inflation e. cost-push deflation
Majority rule will produce the outcome most preferred by the median voter, as demonstrated by the
a. Arrow impossibility theorem. b. Condorcet paradox. c. pairwise voting proposition. d. median voter theorem.
If the price of coffee is $4 per pound, how much coffee would consumers collectively be willing to purchase?
a. 3,000 pounds per year
b. 5,000 pounds per year
c. 8,000 pounds per year
d. 12,000 pounds per year
The United States is best known as a
A) pure market system. B) dictatorship. C) command and control system. D) mixed economic system.