If price were $20, there would be _____ (shortage or surplus) of about ________.
Fill in the blank(s) with the appropriate word(s).
surplus; 35
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________ refers to a period when the ________ decreases
A) Recession; growth rate of nominal GDP B) Recession; growth rate of output per person C) Productivity growth slowdown; growth rate of real GDP D) Productivity growth slowdown; growth rate of output per person
In a market economy, ________ interact in markets to decide the answers to the fundamental economic questions
A) the judicial and legislative branches of the federal government B) large corporations C) households and firms D) state and local governments
One source of the supply of dollars in the world is
A) the purchase of U.S. exports by foreign residents. B) the sale of U.S. domestic assets to foreigner residents. C) U.S. imports of foreign merchandise. D) U.S. sales of gold to foreigner residents.
For a cruise liner deciding how to price its rooms, if the cost of overpricing is lower than the cost of underpricing, then the management of the cruise liner should
a. Price lower than what they expect would fill capacity b. Price higher than what they expect would fill capacity c. Price such that they would expect to just fill capacity d. None of the above