The current price of wheat is $10 per bushel, but the equilibrium price of wheat is $5 per bushel. As a result,
a. the quantity supplied of wheat exceeds the quantity demanded of wheat at $10 per bushel.
b. the equilibrium quantity of wheat exceeds the quantity demanded at the $10 price
c. there is a surplus of wheat at the $10 price.
d. All of the above are correct.
d
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Which of the following is the best definition of economics?
a. An investigation of the quantities and prices of the various goods produced by the nations of the world. b. A study of why inflation and unemployment periodically plague the U.S. economy. c. An analysis of how individuals and societies deal with the problem of scarcity. d. An examination of the role that money plays in the economy. e. A study of how goods and services are distributed throughout the world.
The government's role in a developing country is important during the country's development process because building social overhead capital
A. requires a joint venture between the public and private sectors. B. can only be financed by the private sector. C. cannot be taken on by the private sector. D. can only be achieved in a developing country.