What are the accurate coordinates for the new equilibrium for price and quantity?
a. P2 and Q2
b. P1 and Q1
c. P2 and Q1
d. P1 and Q2
a. P2 and Q2
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The majority of the members of the U.S. Congress want to retain the so-called Fairness Doctrine as a control over television and radio broadcasters because
A) competition by itself cannot produce fairness. B) government oversight is required to assure equal time for conflicting points of view. C) television and radio are local monopolies to a large extent. D) the air waves belong to the public. E) the doctrine gives more power and influence to members of Congress.
In the above figure, if household consumption is positively related to household income, then an increase in household income will
A) shift the line rightward. B) shift the line leftward. C) make the line positively sloped. D) cause a movement along the line.
Nominal wages are assumed fixed in the short run because: a. workers have wages stated in their contracts
b. of minimum wage laws. c. workers are unaware of short-run changes in their real wages. d. all of the above are true. e. none of the above are true.
As the housing market took off in the early 2000s:
A. the growth in household debt accelerated. B. the growth in household debt slowed. C. household debt became positive for the first time since the Great Depression. D. household debt became negative for the first time since the Great Depression.