What is the result of an agricultural support price established above the equilibrium price?
A) The market gravitates toward and remains in equilibrium.
B) There will be excess quantity supplied of the product involved.
C) There will be excess quantity demanded the product in this market.
D) Since the support price is set above the equilibrium price, it will have no impact on the market price.
Answer: B
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The unemployment rate equals the number of
A) unemployed workers multiplied by 100. B) unemployed workers divided by the population then multiplied by 100. C) unemployed workers divided by the number of employed workers then multiplied by 100. D) unemployed workers divided by the labor force then multiplied by 100.
Which of the following makes short-term conditional low-interest loans to LDCs?
A. World Bank B. Agency for International Development (AID) C. Agency for International Finance (AIF) D. International Monetary Fund (IMF)
Answer the following statement true (T) or false (F)
1) A British thermal unit is the amount of energy required to raise the temperature of one liter of water by one degree Celsius. 2) The average person in the United States generates about 10 pounds of trash per day. 3) The United States produces more than twice as much output per million BTUs of energy consumed than it did in 1950. 4) Increases in U.S. living standards have matched increases in per capita energy use.
If persistent inflation was due to declines in long-run aggregate supply, what pattern would be observed?
A. Only prices of services would increase; prices of goods would remain constant. B. Increases in the price level would occur simultaneously with increases in real GDP. C. Only prices of goods would increase; prices of services would remain constant. D. Increases in the price level would occur simultaneously with decreases in real GDP.