Which of the following most accurately describes equilibrium in a market?
a) The quantity supplied and the quantity demanded are equal at the current price.
b) The number of sellers is equal to the number of buyers.
c) Quantity demand exceeds quantity supply.
d) Quantity supply exceeds quantity demand.
Answer: a) The quantity supplied and the quantity demanded are equal at the current price.
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A tax
A) places a wedge between the price paid by the buyers and the price received by the sellers. B) reduces consumer surplus and producer surplus. C) decreases government spending. D) Both answers A and B are correct. E) None of the above answers is correct.
In order for society to have a rising standard of living, output must grow: a. at a slower rate than the labor force. b. at the same rate as the population. c. faster than the population
d. at a slower rate than the population. e. at a slower rate than infrastructure.
Economic growth is:
A. about the quality of life for all sectors of society. B. an indicator of individual poverty. C. a measurement of available resources. D. the measure of changes in real GDP.
The price of a good is the most important determinant of the supply of that good
a. True b. False Indicate whether the statement is true or false