Which of the following is evidence of an inflationary gap?
A. Very long lines at employment agencies
B. Very short waiting times for product delivery
C. Very low sales figures
D. Very long search times for people looking for jobs
E. Very low unemployment rates
Answer: E
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Refer to the table above. When the price is ________ and the quantity is ________, social surplus is maximized
A) $8; 5 units B) $6; 4 units C) $4; 4 units D) $2; 8 units
Firms in a small economy planned that inventories would grow over the past year by $500,000. Over that year, inventories did grow by exactly $500,000. This implies that
A) aggregate expenditure that year was equal to GDP that year. B) there was an unplanned increase in inventories that year. C) aggregate expenditure that year was greater than GDP that year. D) there was an unplanned decrease in inventories that year.
Which of the following is the BEST example of a monopsonist?
A) a household hiring a gardener B) a turnip farmer hiring seasonal help C) Hershey's Chocolate Factory in Hershey, PA D) Vinaka Coffee Shop in Carlsbad, CA
Which of the following nations experienced average rates of economic growth of a bit under 2% over the last 100 years or so?
a. Mexico b. Brazil c. the United States d. All of the above are correct.