Suppose the quantity of oranges demanded is less than the quantity supplied. Then
A) the market still clears, because consumers can buy all the oranges they wish at the prevailing market price.
B) the market still clears, because producers can sell all the oranges they wish at the prevailing market price.
C) the market clears, but is not fully coordinated.
D) oranges are no longer scarce goods.
E) none of the above is true.
E
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The largest percent of colonial trade (both exports and imports) was with
(a) the United Kingdom. (b) Southern Europe. (c) Africa. (d) the West Indies.
Which of the following is not included in Nation A's financial account?
a. Foreign deposits of funds in savings accounts in Nation A. b. Purchases and sales of marketing assets. c. Foreign purchases of Nation A's Treasury bills. d. All the above.
During the past century the average growth rate of U.S. real GDP per person implies that it doubled, on average, about every
a. 100 years. b. 70 years. c. 35 years. d. 25 years.
Which of the following is not correct?
a. Across countries there are large differences in the average income per person. These differences are reflected in large differences in the quality of life. b. With a growth rate of about 2 percent per year, average income per person doubles about every 60 years. c. The ranking of countries by average income changes substantially over time. d. In some countries real income per person has changed very little over many years.