The coordination task of dividing products among consumers is a problem of
A. output selection.
B. production planning.
C. distribution.
D. market segmentation.
Answer: C
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The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, how many apartment units are rented?
A) 2,000 B) 3,000 C) 4,000 D) None of the above answers is correct.
As incomes rise, the income elasticity of demand for food
a. falls below one b. becomes equal to one c. rises above one d. remains stable e. cannot be calculated
The international financial market moved towards equilibrium under the gold standard due to
A) shifts in exchange rates caused by changes in supply and demand for foreign exchange. B) changes in interest rates. C) negotiations among central banks. D) flows of gold among countries.
If the expenditure schedule must be shifted upward to reach potential GDP, then the economy is experiencing a(n)
a. inflationary gap. b. precautionary gap. c. recessionary gap. d. expansionary gap.