1) It is necessary to produce more of good in order to achieve equilibrium whene
ID: 2506120 • Letter: 1
Question
1) It is necessary to produce more of good in order to achieve equilibrium whenever__________ exists.
a) excess demand
b) excess supply
c) a surplus
d) the Keynesian paradox
2) People scalping tickets for a rock concert will be NOT be successful
a) when the rock group popular
b) when the price set by the concert hall is less than quantity supplied
c) quantity demanded will be greater than quantity supplied
d) demand will be less than supply
Classical economists believe that if unemployment in the economy is high then
a) wages will fall and both the quantity of labor demanded and supplied will decrease
b) wages will increase and both the quantity of labor supplied and demanded will increase
c) wages will increase and the quantity demanded of labor will fall and the quantity of labor supplied will increase
d) wages will fall and the quantity of labor demanded will increase and the quantity of labor supplied will decrease
Explanation / Answer
d) wages will fall and the quantity of labor demanded will increase and the quantity of labor supplied will decrease 1 a) excess demand 2 c) quantity demanded will be greater than quantity supplied 3 d) wages will fall and the quantity of labor demanded will increase and the quantity of labor supplied will decreaseRelated Questions
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