According to the graph shown, if the market is in equilibrium, total surplus is:
A. $30.
B. $20.
C. $50.
D. $60.
C. $50.
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Answer the following statement(s) true (T) or false (F)
1. The use of uniform emissions standards on mobile sources generates a cost-effective solution. 2. According to a study conducted by the National Academy of Sciences, a uniform standard imposed on motor vehicles would be more cost-effective than a two-tiered standard. 3. Plug-in hybrids and hybrid vehicles are examples of partial zero-emission vehicles (PZEVs). 4. U.S. policy on mobile sources imposes more stringent controls on new vehicles, creating a bias against newer, and hence cleaner, motor vehicles.
The real wage
A) is the nominal wage divided by the price level. B) automatically increases with the cost of living. C) is the price level divided by the nominal wage. D) is the nominal wage multiplied by the price level.
If the U.S. economy is experiencing falling price levels, the
a. expenditure schedule will shift downward. b. expenditure schedule will shift upward. c. slope of the expenditure schedule increases. d. slope of the expenditure schedule decreases.
The aggregate demand curve shows combinations of:
A. inflation and real GDP. B. the price level and nominal GDP. C. the price level and real GDP. D. inflation and real GDP growth.