Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
Prior-to-trade (autarky) consumer surplus equals area(s)
A. A + B + C.
B. E + F.
C. A + B.
D. A.
Answer: A
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To be officially classified as unemployed, a person must be
A) at least 18 and not working. B) laid off or fired. C) collecting unemployment benefits. D) at least 16, not working and actively seeking employment.
In the market for their services, workers face a trade-off between ________
A) higher and lower wage jobs B) equilibrium and non-equilibrium solutions C) labor and leisure D) diminishing and increasing marginal productivity
Inflation was a major problem in the United States during the early years of the Great Depression
a. True b. False Indicate whether the statement is true or false
Refer to Figure 9.4. In the long run, how much should the firm produce at the price P3?
A. 0
B. Q1
C. Q2
D. Q3