Which of the following does not arise from price discrimination?
A) an increase in quantity sold B) an increase in profits
C) an increase in consumer surplus D) an increase in producer surplus
C
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Since World War II, the likelihood that any single item in the typical consumption basket of a consumer in the U.S. originated outside of the U.S
A) remained constant. B) increased. C) decreased. D) fluctuated widely with no clear trend. E) increased slightly before dropping off.
Identify the statement which is true of a barter system? a. In a barter system, trade will only occur if there is a double coincidence of wants. b. In a barter system, an individual offers coins to get a good or service
c. In a barter system, an individual offers a commodity money to get fiat money. d. In a barter system, different kinds of money are exchanged for one another. e. In a barter system, individuals are self-sufficient.
What are automatic stabilizers?
a. Laws setting up responses to changes in the economy that Congress does not have to discuss and pass when the change occurs. b. Laws setting up responses to changes in the economy that Congress will discuss and vote on when the change occurs. c. Actions Congress takes when it has determined that laws should be passed to stimulate the economy. d. Actions Congress takes when it has determined that laws should be passed to contract the economy.
When the price of tomatoes is $4, farmers supply 100,000 bushels. When price is $6, farmers supply 100,000 bushels. From this, we conclude that the
a. equilibrium price of tomatoes is $5 b. market-day supply curve is vertical at a quantity of 100,000 c. farmers are producing too many tomatoes d. supply curve for tomatoes is upward sloping e. market demand for tomatoes must be 100,000