Each multiple choice question will count 1.6 points. When a market is in equilibrium, a. quantity demanded equals quantity supplied b. quantity demanded exceeds quantity supplied c. A price floor on corn would have the effect of a. creating excess supply regardless of the level at which the price floor is set b. creating excess supply when the floor is above the equilibrium price c. creating excess demand when the price floor is set below the equilibrium price d. creating excess demand regardless of where the price floor is set e. ensuring a more equitable distribution of the good among consumers 11. If unemployment has been consistently higher than normal, real GDP is a. lower than potential real CDP b. unchanged from one year to the next c. increasing over time d. decreasing over time e. higher than potential real GDP 13.
Aggregation is important in macroeconomics because a.
Adam Smith b. Paul Samuelson c. John Maynard Keynes e. Alan Greenspian 17. The term laissez faire can be translated a. A measure that economists use in order to keep track of employment is a.