What is Italy's opportunity cost of producing 5 pairs of shoes?
4 bottles of wine
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The deadweight loss equals the consumer surplus minus the producer surplus resulting from a non-equilibrium price
a. True b. False Indicate whether the statement is true or false
Which of the following is a microeconomic question? a. How will a nation reduce the rate of inflation?
b. How will economic growth affect unemployment? c. How will a consumer maximize his utility? d. What are the factors that determine the standard of living in a country?
Which of the following best describes the response of output as time passes to an increase in the saving rate?
a. The growth rate of output does not change. b. The growth rate of output increases and gets even larger as time passes. c. The growth rate of output increases and does not change as time passes. d. The growth rate of output increases, but diminishes to its former level as time passes.
Market spreads usually range from ___ on large contracts to ___ on small contracts.
a. 3%; 0.5% b. 10%; 2% c. 1%; 2% d. 0.01%; 5%