Use the following table to answer the question below.PriceQuantity SuppliedQuantity Demanded$101002951115027512190250132202201424518015265135If a technological advance lowers production costs such that the quantity supplied increases by 60 units of this product at each price, the new equilibrium price would be
A. $12.
B. $11.
C. $14.
D. $13.
Answer: A
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The fiscal agent for the U.S. federal government is
A) the United States Treasury. B) the Internal Revenue Service. C) the Comptroller of Currency. D) the Federal Reserve System.
Refer to Figure 6-6. When the price ceiling applies in this market, and the supply curve for gasoline shifts from S1 to S2, the resulting quantity of gasoline that is bought and sold is
A. less than Q3.
B. Q3.
C. between Q1 and Q3.
D. at least Q1.
Refer to the graph shown.
The Lorenz curve showing the most income equality is:
A. A. B. B. C. C. D. D.
Real GDP is the
A. Value of final output produced in a given period measured in current prices. B. Value of final output produced in a given period, adjusted for changing prices. C. Value of output produced, including the nonmarket activities that are not counted in nominal GDP. D. Intangible quality of goods and services produced in the economy.