The quantity of gasoline demanded will respond more to a change in price over three weeks than over three years
a. True
b. False
Indicate whether the statement is true or false
False
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The American Revolution resulted in
(a) a loss of British military assistance, governmental expertise, judicial assistance and public funding for wars. (b) greatly expanded rights for wage workers and indentured servants. (c) significant change with respect to market behaviors, ownership of property and individual freedom. (d) a dramatic change in laws and the ownership of property.
If the electronics market is experiencing a shortage in the supply of mobile phones being sold at a cost that buyers are more than willing to pay for, then: a. the selling price is higher than the equilibrium price
b. the equilibrium price is higher than the selling price. c. the quantity demanded is less than the quantity supplied. d. the shortage could be eliminated by lowering the price.
The economy of Alpha operates according to Okun's law. In Alpha, potential GDP equals $500 billion, actual GDP equals $480 billion, and the natural rate of unemployment is 5 percent. What is the actual rate of unemployment in Alpha?
A. 3 percent B. 7 percent C. 1 percent D. 4 percent
Given the price of a good or service, what determines how much a person is willing to pay for that good or service?
A) marginal utility B) total utility C) the substitution effect D) average utility