In the Table Given Below,which of the Following Statements Is

question 56

Multiple Choice

In the table given below,which of the following statements is correct regarding the market for corn?
?
$$\begin{array} { | l | c | c | c | c | } \hline & 2008 & 2009 & 2010 & 2011 \\\hline \text { Price } & \$ 2 & \$ 3 & \$ 4 & \$ 4 \\\hline \text { Quantity } & 1,000,000 & 200,000 & 1,000,000 & 2,000,000 \\\hline\end{array}$$

• A)In 2008,there was an excess supply of corn in the economy.
• B)In 2008,the corn market was not in equilibrium.
• C)The weather for corn production was probably better in 2010 than in 2009.
• D)Between 2010 and 2011,both the supply and demand for corn must have increased by the same amount.
• E)Between 2009 and 2010,the demand for corn decreased.

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Definitions:

National Saving

The total amount of saving in a country, which includes both private savings and public (government) savings.

Closed Economy

An economic system that does not engage in international trade with outside countries, relying on its own resources.

Accounting Identity

A fundamental equation that must always hold true, often without regard to time or specific instances, in accounting and economics.

Government Purchases

Expenditures by the government sector for goods and services that are consumed within the current period.