If economists say, "the price is too high," they mean that:
A) quantity demanded is greater than quantity supplied.
B) quantity supplied is greater than quantity demanded.
C) the equilibrium price exceeds the current price.
D) the price of a good will tend to increase.
Ans: B) quantity supplied is greater than quantity demanded.
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The approximate probability of a value occurring that is greater than one standard deviation from the mean is approximately (assuming a normal distribution)
a. 68.26% b. 2.28% c. 34% d. 15.87% e. none of the above
The U.S. has an absolute advantage in the production of
A. beer.
B. pizza.
C. both beer and pizza.
D. neither beer nor pizza.
If government undertakes to reduce water usage by using a market incentive plan:
A. consumers will be asked to reduce water usage voluntarily. B. consumers who reduce water usage by more than the required amount can sell marketable certificates to consumers who seek to reduce usage by less than the required amount. C. each consumer will have to reduce his or her water usage by an equal amount. D. consumers who do not reduce usage by the required amount will have to pay taxes on the extra water usage.
During a recession, we generally see
a. real GDP rising and unemployment rising b. real GDP falling and unemployment rising c. real GDP rising and inflation rising d. real GDP rising and inflation staying stable