When supply and demand are essentially equal the economy is said to be in________________?

Related Mcqs:

1. According to supply side economists as tax rates are reduced labour supply should increase. This implies that ?

   A. There is no income effect when tax rates are changed
   B. The income effect of a wage change is greater than the substitution effect of a wage change.
   C. There is no substitution effect when tax rates are changed
   D. The substitution effect of a wage change is greater than the income effect of a wage change

2. Demand and supply are________________?

   A. market forces
   B. key economic indicators
   C. thesis and antithesis
   D. causes of inflation

3. When the supply and demand curves intersect the final lasting price is achieved This is called_____________?

   A. clearance price
   B. equilibrium price
   C. pressure price
   D. a buyer’s market

4. A demand-side theory that focuses on the role of money to finance aggregate demand is termed__________?

   A. monetarism
   B. Reaganism
   C. the gold standard
   D. cash and carry

5. Norms are essentially ?

   A. what is right
   B. what is most feared
   C. rules for behavior
   D. systems of rewards and punishment

6. Specialized socialization occurs most frequently in________________?

   A. the family
   B. the peer groups
   C. church
   D. occupational groups or organizations

7. Firms sell their products in________________?

   A. factor markets
   B. resource markets
   C. product markets
   D. abstract markets

8. Overpopulation can result in________________?

   A. higher literacy
   B. environmental damage
   C. price stability
   D. increased public services

9. Power is exercised in________________?

   A. complex industrial societies
   B. simple farming societies
   C. hunting and gathering societies
   D. all social systems

10. The majority of the human population lives in________________?

    A. New York
    B. Africa
    C. Pacific Islands
    D. Eurasia