Using the data in the table above, if the price of a stapler is $5, then there is ________ of staplers, and the quantity of staplers demanded ________ the quantity of staplers supplied
A) a shortage; is greater than
B) a surplus; is less than
C) a shortage; is less than
D) a surplus; is greater than
E) neither a surplus nor a shortage; equals
A
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The natural rate of unemployment equals
A) structural plus frictional plus cyclical unemployment. B) structural plus frictional unemployment. C) the rate of unemployment we observe in any given period of measurement. D) the rate of structural unemployment.
Everything else held constant, the vertical section of the supply curve of reserves is shortened when the
A) discount rate increases. B) discount rate decreases. C) federal funds rate rises. D) federal funds rate falls.
Assume Congress passes a new tax of $2.00 per pack on cigarettes. The effect on the supply curve is a(n):
a. decrease in supply. b. increase in supply. c. decrease in quantity supplied. d. increase in quantity supplied.
Which of the following statements best characterizes a basic difference between market economies and centrally planned economies?
a. Society relies more upon prices to allocate resources when the economy is centrally-planned than when it is market-based. b. The self-interest of households is reflected more fully in the outcome of a centrally-planned economy than in the outcome of a market economy. c. Government plays a larger role in the economic affairs of a market economy than in the economic affairs of a centrally planned economy. d. None of the above are correct.