When consumers are willing to buy more than producers are willing to sell:
A. there is excess supply of the product in the market.
B. there is excess demand for the product in the market.
C. the market is in equilibrium.
D. the demand curve will shift until the quantity supplied equals the quantity demanded.
Answer: B
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The United States can use all its resources to produce 250 DVDs or 500 shoes. China can use all of its resources to produce 30 DVDs or 300 shoes. The opportunity cost of producing a DVD in the United States is
A) 500 shoes. B) 1 DVD. C) 1/2 of a shoe. D) 20 shoes. E) 2 shoes.
A weakness of the market system of resource allocation is that
a. such economies tend to be stagnant b. most participants in such an economy have low standards of living c. there are no limits on an individual's freedom of action d. it does not address the problem of initial inequities in endowments e. its participants are free to act according to their desires
If a country's consumer price index (CPI) was 104.2 in Year 1, while the inflation rate for Year 2 was 4.89%, then the CPI in Year 2 was:
(a) 106.5; (b) 108.5; (c) 109.3; (d) 111.5.
From the late 1940s until the creation of the WTO, the organization that was primarily responsible for conducting rounds of trade negotiations was the
A) World Bank. B) IMF. C) United Nations. D) GATT.