Which of the following will occur if the aggregate quantity supplied is less than the aggregate quantity demanded?
A. Aggregate demand will shift to the right
B. Aggregate supply will shift to the left
C. There will be a shortage
D. There will be a surplus
C. There will be a shortage
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Many economists consider medical care a superior good. Which of the following statements is true regarding a superior good?
a. Consumers want more of a superior good regardless of its price. b. When the price of a superior good increases, consumers demand more of it. c. As consumer income increases a larger percentage of that income is spent on superior goods. d. A superior good has an income elasticity of demand greater than one. e. Both c and d are true of superior goods.
Some countries intentionally aim for a low standard of living, high rates of unemployment and inflation, or an unsustainable trade imbalance within their economies.
Select whether the statement is true or false. A. True B. False
Which of the following commodity bundles represents two goods that are perfect substitutes?
a. Ink and fountain pens b. Diesel and diesel cars c. Butter and margarine d. Webcams and computers
Which of the following expresses 5.65%?
A. 0.565 B. 5.65 C. 0.0565 D. 0.00565