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What will happen in a market where a nonbinding price ceiling is removed?


Why does a shortage that occurs under a binding price ceiling increase over time?

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How do consumers who are subject to a binding price ceiling respond as the time frame shifts from the short run to the long run?

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The usual stated political goal of rent control is

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Refer to the accompanying table to answer the following questions.

Monthly Rent Quantity of Apartments
Demanded
Quantity of Apartments
Supplied
$1,500 136,500 78,100
$1,550 112,750 83,760
$1,600 107,000 87,900
$1,650 100,100 94,250
$1,700 98,450 98,450
$1,750 95,000 118,500
$1,800 92,800 125,600



If rent control is established at $1,750, what would be the amount of disequilibrium in the apartment market?

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Imagine you find yourself in a heat wave and your air conditioner has broken. Unable to find a new one at the store because of a price gouging law, you purchase an air conditioner on the black market. What role did the price gouging law have?

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A nonbinding price floor has which of the following consequences?

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What will happen in a market where a nonbinding price floor is removed?

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Macroeconomics includes the study of

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Which of the following is a topic of microeconomics?

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Which of the following is a sign that an economy is in poor health?

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Which of the following is a service?

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Consumption is approximately ________ of gross domestic product (GDP).

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When you buy a new car built by Ford, it is included in the ________ category of gross domestic product (GDP).

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Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the following questions. Assume that the base year is 2012.

Good 2012 Price 2012 Quantity 2013 Price 2013 Quantity
A

$2.00

500

$2.50

600

B

$4.00

1,000

$5.00

900

C

$2.00

200

$1.00

300



What was the nominal gross domestic product (GDP) in 2013?

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Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the following questions. Assume that the base year is 2015.

Good 2015 Price 2015 Quantity 2016 Price 2016 Quantity
A $2 250 $3 200
B $3 300 $2 400
C $4 400 $5 500



What was the inflation rate between the two years?

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If over a period of time real gross domestic product (GDP) decreases while nominal GDP increases, then this implies

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Consider the following data that identifies real gross domestic product (GDP) in comparison to the long-run trend of real GDP to answer the following questions:

Quarter Real GDP
(billions of dollars)
Long-Run Trend of Real GDP
(billions of dollars)
1 4,000 4,000
2 4,160 4,120
3 4,326 4,244
4 4,413 4,371
5 4,501 4,502
6 4,591 4,637
7 4,499 4,776
8 4,409 4,919
9 4,673 5,067
10 4,954 5,219
11 5,252 5,376
12 5,376 5,537



Between quarter 2 and quarter 3, real gross domestic product (GDP) grew by what percentage?

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Nominal gross domestic product (GDP) increased from $15.62 trillion to $16.09 trillion, and the price level increased from 120.0 to 122.4. Rounding to the nearest first decimal, the rate of inflation was

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If nominal gross domestic product (GDP) changed by 6 percent and the price level changed by 2 percent, then real GDP changed by

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Gross domestic product (GDP) is not a good measure of the

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A shortcoming of real gross domestic product (GDP) is it

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Which of the following lists the three types of unemployment?

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Which of the following statements about structural unemployment is true?

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Nina has a part-time job as she finishes her degree in fashion design. After obtaining her degree she decides to quit her part-time job to search for a job that better fits her now-improved skill set. Nina has a few interviews, but it is taking time to find the job that suits her best. Nina would be considered

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Brian Murphy is a political consultant for a candidate in Massachusetts. Mr. Murphy’s candidate is defeated in the November election, and as a result, Mr. Murphy finds himself unemployed. Mr. Murphy’s unemployment is classified as ________ unemployment.

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The Internet has enabled workers and companies to find each other more quickly and to make better matches with substantially lower costs. The result is

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In November 2009, the United States was in a deep recession. To help keep the economy afloat, the government extended the period of time one could receive unemployment insurance to 99 weeks. This policy had an unintended consequence because

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The root cause of cyclical unemployment is

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Use the table to answer the following questions:

Group # in Millions
Relevant population

243

Labor force

154

Not in labor force

89

Employed

142

Unemployed

12



According to the table, the employment rate in this economy is equal to

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Katherine was laid off from her job 11 months ago. After searching for a job for months, Katherine gives up her job search because she feels there are no jobs available for her. Economists would classify Katherine as

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Use the table to answer the following questions:

Group # in Millions
Relevant population

215

Employed

138

Unemployed

9



According to the table, the labor force is

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Use the table to answer the following questions:

Group # in Millions
Relevant population

215

Employed

138

Unemployed

9



According to the table, the labor force participation rate is

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If the consumer price index (CPI) was 100 in the period of 1982–1984, then

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Suppose a basket of goods and services has been selected to calculate the consumer price index (CPI) and 2002 has been chosen as the base year. In 2002, the basket’s cost was $76.00; in 2004, the basket’s cost was $79.50; and in 2006, the basket’s cost was $85.00. The value of the CPI was

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In Bovania, milk constitutes 56 percent of the typical basket of goods for a typical consumer. Let’s say the price of milk rises by 7 percent and the prices of all other goods fall by 4 percent. Based on the information given, we can definitely say

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It is rare when prices fall in modern times. However, it is likely that they would fall during severe recessions. In what year is this most likely to have occurred?

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In Nation A, the price index rises from 110 to 120 in a particular year. In the same year, the price level rises from 120 to 130 in Nation B. This means

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Refer to the table to answer the following questions:

Year CPI
1999

80

2000

87

2001

105

2002

112

2003

108

2004

117



As presented in the table, the rate of inflation from 1999–2000 (i.e., during the year 2000) was (rounded to two decimal places)

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The chained consumer price index (CPI) tends to be

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Joe Kowalski invents a new product, and this new product becomes cheaper over time. This can be problematic because

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The textbook shows that the inflation-adjusted movie receipts for Titanic(released in 1997) were $3,205,455,051 in 2015 and the original receipts were $2,186,772,302. The implication is that

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If cheeseburgers become more expensive and consumers switch their purchases away from cheeseburgers but the consumer price index (CPI) still assumes they buy the same amount, then

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Wages are often tied to expected rates of inflation; thus, one reason why inflation is important is that

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In the equation M × V = P × Y, the variable Y stands for

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What is one reason why a government will deliberately inflate its national money supply?

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Mortimer loves sushi. He loves sushi so much that he asks his congressional representative to work for passage of a binding price ceiling law. Who would be affected by this law and how?

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The difference between nominal gross domestic product (GDP) and real GDP is

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Refer to the scenario to answer the following questions.
A government worker surveys a number of households and comes up with the following information: there were a total of 100 people in the households, 10 of the people were children under 16, 60 people had full-time jobs, 10 people had part-time jobs, 5 were stay-at-home parents, 10 were full-time students over the age of 16, and 5 people had no job but were looking for jobs.

According to the information in the survey, the labor force participation rate is

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The government can assist in reducing the level of structural unemployment by

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