The above figure shows the market demand curve for mobile telecommunications (time spent on a mobile phone). At the current price of $0.35 per minute, consumer surplus equals
A) $301.00.
B) $924.50.
C) $1,225.50.
D) $1,250.00.
B
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The usefulness of money in commercial societies comes from the fact that
A) money is backed by gold. B) most people will change their behavior at least a little in response to money incentives. C) most people will do anything at all for money. D) most people would rather spend money than save it. E) the quantity of money can easily be expanded or contracted.
A temporary decrease in government purchases causes the real interest rate to ________ and the price level to ________ in general equilibrium
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
M2 + ___________ = M3.
Fill in the blank(s) with the appropriate word(s).
The field of economics that analyzes government decision making, politics, and elections is called:
A. public finance. B. public choice theory. C. collective economics. D. political economy.