Refer to the figure above. The producer surplus before the imposition of the tax is given by the area ________
A) GHF
B) GAE
C) JBHF
D) JBC
B
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Money is defined as
A) a by product of a barter economy. B) any financial instrument that is backed by gold. C) anything people generally accept in exchange for goods and services. D) a person's net worth.
The demand curve for bonds would be shifted to the left by
A) an increase in expected returns on other assets. B) a decrease in the information costs of bonds relative to other assets. C) a decrease in expected inflation. D) an increase in the liquidity of bonds relative to other assets.
Which of the following would most likely increase the supply of college textbooks?
a. five major publishers go out of business b. paper costs double c. the wage rate of printers increases d. producers expect the price to rise in the future e. technology of book production improves
Which of the following is true of Simple Keynesian model? a. Price level increases with an increase in aggregate demand
b. The aggregate supply curve is assumed to be perfectly inelastic. c. The aggregate demand curve is assumed to be perfectly elastic. d. Price level is solely determined by the aggregate demand curve. e. Changes in aggregate demand determines equilibrium real GDP.