Kelly is willing to pay $5.20 for a gallon of gasoline. The price of gasoline at her local gas station is $3.80 . If she purchases ten gallons of gasoline, then Kelly's consumer surplus is
a. $1.40.
b. $14.
c. $3.80.
d. $52.
b
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According to the interest rate effect, as the price level:
a. rises, people feel poorer and buy less. b. rises, United States products become more expensive and foreigners buy less U.S. goods. c. rises, interest rates fall, and people buy less. d. rises, interest rates rise, and people buy less. e. falls, interest rates fall, and people buy less.
Assume Belgium can produce 5 units of good X or 2 units of good Y. Germany can produce 4 units of good X or 3 units of good Y. What would be the terms of trade between Belgium and Germany for 1 unit of good Y?
A. Between 4/3 and 5/2 units of X. B. Between 4/3 and 5 units of X. C. Between 4 and 5 units of X. D. Between 5/2 and 4 units of X.
The "rule of reason" was formulated in the
A. Standard Oil case of 1911. B. U.S. Steel case of 1920. C. ALCOA case of 1945. D. XEROX case of 1973
What six items make up the gross domestic product figure?
What will be an ideal response?