Refer to the information provided in Figure 9.1 below to answer the question(s) that follow. 
Figure 9.1Refer to Figure 9.1. If this farmer maximizes profits, his revenue per bushel will be
A. $7.
B. $9.
C. $11.
D. $15.
Answer: D
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________ choose(s) the quantities of goods and services to produce, while ________ choose(s) the quantities of goods and services to buy
A) Firms; only households B) Households; the government C) Households; firms D) Firms; households and the government E) The government; firms
Which of the following is not a result of government price controls?
A) Some people win and some people lose. B) A deadweight loss will occur. C) Price controls benefit poor consumers but harm producers and wealthy consumers. D) Price controls decrease economic efficiency.
An exporter can hedge against the possible decline in a foreign currency by purchasing
A) put options on the currency. B) call options on the currency. C) the currency on the spot market. D) currency on forward contracts.
Tim's opportunity cost of selling his car is $20,000 . Rebecca, who is a likely buyer, values that car at $25,000 . Calculate the economic value this transaction can create if Rebecca pays $23,500 for Tim's car
a. $1,500 b. $5,000 c. $3,500 d. $2,000