In 2015, the U.S. gross national debt was _____
a. about $1 million
b. about $1 billion
c. $1 trillion
d. $3 trillion
e. about $18 trillion
e
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If there is a surplus of a good, the quantity demanded is ________ the quantity supplied and the price will ________
A) equal to; fall B) less than; rise C) less than; fall D) greater than; fall E) greater than; rise
Changes in the money supply growth rate
A) are neutral in the short run. B) need not be neutral in the short run. C) are neutral in the long run. D) need not be neutral in the long run. E) affect the real output of the economy.
In the long run, new firms can enter an industry and so the supply elasticity tends to be
A) more elastic than in the short run. B) less elastic than in the short run. C) perfectly elastic. D) perfectly inelastic.
Refer to the following graph.
With free trade, this country's citizens can consume the greatest amount of both good A and good B if the country produces at point
A. P. B. G. C. F. D. H.