Economists are concerned with ______ behavior.
a. industrial
b. human
c. chemical
d. government
b. human
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When a shortage exists in a market, sellers
a. raise price, which increases quantity demanded and decreases quantity supplied until the shortage is eliminated. b. raise price, which decreases quantity demanded and increases quantity supplied until the shortage is eliminated. c. lower price, which increases quantity demanded and decreases quantity supplied until the shortage is eliminated. d. lower price, which decreases quantity demanded and increases quantity supplied until the shortage is eliminated.
The middle class in China:
A. outnumbers the entire population of the United States. B. is about half the size of the population of the Germany. C. is almost equal in size to the entire population of the California. D. None of these is true.
Market failures occur when
A) externalities exist. B) economic efficiency increases. C) there is an increase in demand. D) there is a change in quantity demanded.
If the dollar appreciates (becomes stronger) this causes:
a. the relative price of U.S. goods to increase for foreigners. b. the relative price of foreign goods to decrease for Americans. c. U.S. exports to fall and U.S. imports to rise. d. a balance of trade deficit for the U.S. e. all of these.