Suppose that a market for a product is in equilibrium at a price of $5 per unit. At any price above $5 per unit:
A. there will be an excess demand for the product.
B. there will be an excess supply of the product.
C. the quantity supplied of the product will be less than the quantity demanded of that product.
D. there will be a shortage of that product.
Answer: B
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Refer to Table 20-2. Assume the market basket for the consumer price index has two products—bread and milk—with the following values in 2011 and 2016 for price and quantity: The Consumer Price Index for 2016 equals
A) 118. B) 116. C) 86. D) 85.
As a result of emancipation,
(a) black labor force participation increased by 1/3. (b) black labor force participation declined by 1/3. (c) amazingly, black labor force participation remained essentially unchanged. (d) average wages of black workers rose well above those of their immigrant counterparts.