Blog

In a competitive market, a Supply Schedule reflects the combinations of price and quantity that represent the:

IF the price of a hamburger was currently $1.00, there would be:

There ain’t no such thing as a free lunch. This statement best reflects the fact that:

Today’s market for toilet paper: Suppose consumers believe that toilet paper will sell at a higher price in the near future. This event will cause:

In a centrally planned economic system, the Three Core Economic Questions are answered by:

Suppose the rate of inflation is expected to be 3% this calendar year, and your employer says you will not receive an increase in your $25,000 salary for this calendar year. As a result, your Nominal Income will _____, while your Real Income will _____.

Visualize a basic supply-and-demand graph representing the market for blue jeans. Or heck, draw a graph on that piece of scratch paper! Suppose the market demand for blue jeans increases. The equilibrium price of a pair of blue jeans will ______ because:

A recent economic study found that an increase in the Federal tax on beer (and thus an increase in the price of beer) would reduce the demand for marijuana. Based on this information, an Economist would conclude what about the relationship between these products?

Gross Domestic Product (GDP) is a statistic designed to measure:

How does a competitive market arrive at its equilibrium?