On the basic supply-demand graph, the point at which the demand curve and the supply curve intersect is located at
A. market price and market quantity.
B. equilibrium price and equilibrium quantity.
C. equilibrium demand and equilibrium supply.
D. quantity demanded and quantity supplied.
Answer: B
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According to economists who support passive policymaking
A) expansionary policies can reduce unemployment without increasing the price level. B) policies that attempt to exploit the Phillips curve trade-off will eventually become ineffective for reducing unemployment. C) there is no difference between the effect of an anticipated change in aggregate demand and the effect of an unanticipated change in aggregate demand of an identical amount. D) workers always consider a change in nominal wages to be a change in real wages.
Market specialization and the rise of the division of labor
A) create important conditions for economic growth. B) help explain why some nations are wealthier than others. C) do both of the above. D) do neither of the above.