A shortage is defined as the situation that exists when the quantity of a good supplied is greater than the quantity demanded
Indicate whether the statement is true or false
FALSE
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The price of silver increases from $10 per ounce to $15 per ounce while the price of gold increases from $300 per ounce to $310. In this situation, the price of silver relative to the price of gold has
a. fallen. b. risen. c. remained the same. d. cannot be determined given the information provided.
The figure shows the demand curve for popsicles. The price elasticity of demand when the price of a popsicle increases from $0.30 to $0.50 is ________
A) 0 B) 1 C) 1/2 D) 2
In the United States the poorest 20 percent of households receive about ________ of total income
A) 1 percent B) 4 percent C) 10 percent D) 15 percent
When the government bans a good it:
A. creates a more efficient solution than any other to the nonexcludability problem. B. is an easy, but often ineffective, solution to the nonexcludability problem. C. increases surplus more than any other solution to the nonexcludability problem. D. is the easiest and most effective solution to the nonexcludability problem.