The ______ is found at the point at which the market supply and market demand curves intersect.
a. equilibrium surplus
b. equilibrium curve
c. market equilibrium
d. individual equilibrium
c. market equilibrium
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
Over a given period, economic depreciation is the change in capital equipment's
A) output. B) market value. C) rate of return. D) cost of maintenance.
Which of the following is not true of derived demand?
A. It derives from the price of output goods. B. It is a function of marginal physical productivity. C. It is the marginal revenue product curve. D. It is not affected by prices of the input factors.
Which of the following would be considered part of the underground economy?
a. tips reported to the IRS by a waitress b. a barber giving a person a haircut in exchange for a meal c. income earned through selling shares of stock d. the portion of a professional athlete's salary that is economic rent e. donations received by a local church in their collection plate on Sunday morning