A decrease in supply _____ price and _____ the quantity sold.
Fill in the blank(s) with the appropriate word(s).
raises; lowers
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Refer to Figure 7-5. The efficient quantity of medical services is
A) 400. B) 800. C) 1,200. D) > 1,200.
Consider someone who borrows $10,000 to buy a car at a fixed interest rate of 9%. If inflation is 3% at the time the loan is made, what is the real interest rate at which the loan must be repaid, and to what level would the interest rate have to rise for the real interest rate on the loan to be zero?
a. 4.5%; 7.5% b. 6; 9% c. 8%; 10% d. 6; 12%
Suppose you live in the suburbs and dump your garbage on your front lawn on a daily basis.
A. Your actions hurt no one but yourself. B. Your actions constitute an external cost to your neighbors. C. Your actions constitute an external benefit to your neighbors. D. Your actions would not be considered a market failure.
Refer to the information provided in Table 21.6 below to answer the question(s) that follow. Table 21.6
Refer to Table 21.6. The value for net exports in billions of dollars is
A. 800. B. 200. C. -200. D. -500.