Unions can only achieve wage gains by sacrificing employment

If sanctions are imposed on buyers but NOT on sellers of an illegal good, then the equilibrium price ________ and the equilibrium quantity ________

A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases

Suppose the economy is at an equilibrium when C + I + G + X = $12 trillion. If the economy is currently at a real national income level of $14 trillion, then total planned real expenditures

A) exceed real Gross Domestic Product (GDP), and real Gross Domestic Product (GDP) will increase. B) are less than real Gross Domestic Product (GDP), and real Gross Domestic Product (GDP) will decline. C) are equal to real Gross Domestic Product (GDP), and there will be no change in real Gross Domestic Product (GDP). D) are less than real Gross Domestic Product (GDP), and real Gross Domestic Product (GDP) will increase.