Using the above table, at a price of $70, there is
A. a shortage of 120 units.
B. a surplus of 150 units.
C. a surplus of 270 units.
D. a shortage of 150 units.
Answer: C
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Consider two individuals, Nigel and Mia, who produce hair pins and bandanas. Nigel's and Mia's hourly productivity are shown in Table 3.3. Mia's opportunity cost of producing one bandana is
A) 1/3 of a hair pin. B) 2.5 hair pins. C) 3 hair pins. D) 9 hair pins.
Describe what is meant by the Cartesian coordinate system
What will be an ideal response?
From 1950 to 2009, the average length of recessions in the United States has been
A) less than 1 year. B) between 1 year and 2 years. C) between 2 years and 3 years. D) longer than 3 years.
Tax distortions happen because tax laws take into consideration only:
A. nominal income. B. nominal output. C. real income. D. real output.