The tables above show the marginal costs and benefits from production of paper. If the market is perfectly competitive and unregulated, the equilibrium price is ________ per ton
A) $60
B) $70
C) $80
D) $90
B
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Refer to the figure below.
If a price ceiling were imposed at point G, the consumer surplus would be represented by the area ________.
A. BAEH B. BJEH C. JAE D. GAEF
According to the textbook, income inequality statistics can be misleading because
A) they are collected by the Census Bureau, whose objectivity cannot be trusted.
B) they ignore the income mobility of individual families and households through time.
C) they do not take into account inflation.
D) they fail to be of use in policy proposals and debates.
In an open economy, the quantity supplied of bushels of corn is ________.
A. 900 million bushels B. 150 million bushels C. 600 million bushels D. 300 million bushels
The unemployment rate ________
A) is essentially unchanged over the business cycle B) rises in economic expansions and falls in economic contractions C) falls consistently over both economic expansions and recessions D) varies over the course of the business cycle