A decrease in the equilibrium quantity for a product will result
A) when there is an increase in supply and a decrease in demand for the product.
B) when there is a decrease in supply and a decrease in demand for the product.
C) when the quantity demanded for the product exceeds the quantity supplied.
D) when there is a decrease in demand and an increase in the number of firms producing the product.
B
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In 1931, a politician was paid a salary of $75,000. Government statistics show a consumer price index of 15.2 for 1931 and 195 for 2005. The politician’s 1931 salary was equivalent to a 2005 salary of about
a) $962,171 b) 1,125,008 c)1,154,262 d)1,455,995
How does the contribution to national output of a wheat farmer get counted in the gross domestic product if the Bureau of Economic Analysis measures only the value of final goods such as loaves of bread?
A) Agricultural production is not part of GDP. B) It is counted separately by the Department of Internal Revenue. C) It is included in the cost of materials purchased by those who sell loaves of bread. D) It is not counted, which results in an underestimation of GDP. E) Wheat is also a final good because it is more ultimate than bread.