Another term for surplus is
A. excess supply.
B. equilibrium demand.
C. excess demand.
D. equilibrium supply.
Answer: A
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At a peak in the business cycle, the macroeconomic equilibrium is ________ the level of potential real GDP
A) greater than B) equal to C) less than D) falling below E) None of the above answers is always correct because the relationship depends on whether the previous phase of the business cycle had been a recession or an expansion.
Slaver owners were optimistic about the economic future of slavery on the eve of the Civil War
Indicate whether the statement is true or false
Consider an industry consisting of four firms with market shares of 30 percent, 25 percent, 25 percent, and 20 percent. Calculate the Herfindahl Hirschman Index and interpret your result
Using a common resource:
A. creates a positive externality for others. B. maximizes total surplus. C. imposes a negative externality on others. D. is an irrational decision.