Surplus
What will be an ideal response?
A situation in which quantity supplied is greater than quantity demanded.
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Velocity is commonly calculated by which of the following formulas?
A. (Value of money stock) / (Value of nominal GDP) B. (Value of transactions) / (Money stock) C. (Value of financial transactions) / (GDP) D. (Value of output) / (Value of input)
Which of the following goods or services is most likely to have an elastic demand in the short run?
a. Electricity b. Gasoline c. Milk d. Toyota 4-Runner SUV
Which statement is false?
A. International trade helps every country. B. The economics profession is nearly unanimous in advocating free trade. C. The jobs that are lost due to foreign imports can be gained by our export sector. D. Recent Presidents of the United States support free trade in word and deed.
Possession of information by one party in a financial transaction but not by the other party is
A) symmetric information. B) asymmetric information. C) informational hazard. D) financial intermediation.