Fred has always been known as "the rich kid." Strictly speaking, this must mean that ________
A) Fred has a lot of cash
B) Fred's income is quite high
C) Fred won the lottery before he was legally eligible
D) Fred has a flashy wardrobe
E) Fred has a lot of wealth
E
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The graph shows costs and benefits of a mosquito control program, which is a public good:
a) What is the quantity of spraying that achieves efficiency? b) What is the political equilibrium if voters are well informed?
Which of the following is not considered an ultimate target that the monetary authority attempts to control?
a. Growth in real GDP b. The rate of unemployment c. The rate of inflation d. The money supply
In the figure below, spending $1 million on advertising increases the demand from D0 to D1. What is the marginal benefit of the advertising?
A) $90 million
B) $1 million
C) $80 million
D) None of the above answers are correct.
When prices drop in response to a decline in demand for an increasing cost industry:
a. producer surplus will increase but rents may decrease. b. rent earned by elastically supplied inputs will decline by more than rent earned by inelastically supplied inputs. c. rent earned by elastically supplied inputs will decline by less than rent earned by inelastically supplied inputs. d. both producer surplus and rents will increase.