Jane is willing to pay $50 for a pair of shoes. The actual price of the shoes is $30. Her consumer surplus on this pair of shoes is
A) $20.
B) $50.
C) $30.
D) $80.
A
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A unit of account
A) is a type of accounting of how many currency units there are in an economy. B) is an accounting of the total units of goods and services produced in an economy. C) is an agreed measure for stating the prices of goods and services in an economy. D) is a type of value stored within all assets.
When an individual is frictionally unemployed, the unemployment arises in part from
A) a short-term elimination of jobs because of a slowdown in business activity. B) individuals searching for appropriate employment. C) the permanent elimination of jobs because of a change in the structure of the economy. D) a reduction in the overall demand for workers' skills.
In a recession, automatic stabilization ________ tax revenues and ________ the debt-GDP ratio
A) lowers, raises B) lowers, lowers C) raises, raises D) raises, lowers
U.S. citizens migrating to Illinois in the first half of the 19th century would most likely have come from:
a. Massachusetts and New Jersey. b. California and Oregon. c. North and South Carolina. d. Up the Mississippi River from Louisiana and Mississippi.