Table 9.2 represents 3 markets for used guitars. Which of the markets in Table 14.2 are NOT in equilibrium?
A. 1 only
B. 2 only
C. 3 only
D. 2 and 3
Answer: D
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The figure above shows the U.S. demand and the U.S. supply curves of canned peaches
a. In the absence of trade, what is price of canned peaches in the United States? b. In the absence of trade, what is the level of production in the United States? c. If the world price of canned peaches is $1 a can and the United States engages in trade, does the United States import or export canned peaches? d. If the world price of canned peaches is $1 a can and the United States engages in trade, what is the quantity produced in the United States and what is the quantity consumed? What is the quantity imported or exported? e. If the world price of canned peaches is $2 a can and the United States engages in trade, does the United States import or export canned peaches? f. If the world price of canned peaches is $2 a can and the United States engages in trade, what is the quantity produced in the United States and what is the quantity consumed? What is the quantity imported or exported?
Country A has a more equal distribution of income than country B if
A) country A's Lorenz curve is closer to the line of equality than is country B's Lorenz curve. B) country B's Lorenz curve is closer to the line of equality than is country A's Lorenz curve. C) country A's Lorenz curve is just as close to the line of equality as is country B's Lorenz curve. D) None of the above because it is impossible to compare income inequalities across countries.
Velocity is
a. Y/(M x P) and increases if dollars are exchanged less frequently. b. Y/(M x P) and increases if dollars are exchanged more frequently. c. (P x Y)/M and increases if dollars are exchanged less frequently. d. (P x Y)/M and increases if dollars are exchanged more frequently.
We cannot predict the effect on the market clearing price, but know that the equilibrium quantity will decrease when
A) supply increases and demand decreases B) supply decreases and demand increases. C) supply and demand for a product simultaneously decrease. D) supply and demand for a product simultaneously increase.