A surplus exists
A) in equilibrium.
B) when quantity supplied is greater than quantity demanded.
C) when quantity supplied is less that quantity demanded.
D) at the market clearing price.
B
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Refer to Table 21-2. Using the table above, what is the approximate average annual growth rate from 2013 to 2016?
A) -1% B) 1% C) 2% D) 4%
If a country wants to keep its exchange rate fixed, it must
A) allow its currency value to vary with market supply and demand in foreign exchange markets. B) be a member of the IMF. C) vary the amount of its national currency supplied at any given exchange rate in foreign exchange markets when necessary. D) eliminate its foreign exchange reserves.
When the government imposes a price ceiling on a good whose price is too high,
a. surpluses are created. b. supply will increase to meet the demand. c. rationing is not necessary. d. quantity demanded of the good will fall. e. chronic excess demand occurs.
The GDP of a country can be derived by summing the:
a. expenditures on final goods and services produced domestically during the year. b. payments to employees and owners of capital resources and then subtracting depreciation and indirect business taxes. c. market value of all goods and services produced domestically during the period and then subtracting net exports from that figure. d. income payments to the resource suppliers and net exports.