It is often easier to see the ___________ of globalization than it is to see the _____________. This is because the costs tend to be more ________________, while the benefits tend to be __________________
A) costs; benefits; concentrated; widely dispersed.
B) benefits; costs; concentrated; widely dispersed.
C) costs; benefits; widely dispersed; concentrated.
D) benefits; costs; widely dispersed; concentrated.
A
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When the quantity of real GDP demanded exceeds the quantity of real GDP supplied, firms
A) increase production and prices. B) decrease production and prices. C) increase production and lower prices. D) decrease production and increase prices. E) do not change production because aggregate demand and potential GDP will adjust.
The effect of the September 11 attacks on the World Trade Center on the market for office space in downtown Manhattan was that both the equilibrium price and the equilibrium quantity fell. What is the most likely explanation for this?
A) Supply and demand both shifted left, and the magnitude of the demand shift was greater. B) Supply and demand both shifted left, and the magnitude of the supply shift was greater. C) Supply shifted left, demand shifted right, and the magnitude of the demand shift was greater. D) Supply shifted left, demand shifted right, and the magnitude of the supply shift was greater.