Use the table below to answer the following question.UnitsMaximum Willingness to PayMarket PriceMinimum Acceptable Price1$14$8$2212843108648885681064814What is the value of economic surplus in the table above?
A. $8
B. $24
C. $12
D. $0
Answer: B
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Monetizing the budget deficit
A) creates a full-employment deficit that exceeds the actual deficit. B) occurs when the Treasury sells bonds to businesses. C) helps stabilize the economy. D) leads to increases in the money supply.
The provision of a legal system is an important economic function of the government because
A. the legal system affects the distribution of income through its awarding of damages in accident claims. B. people need to feel safe when they go to work. C. the legal system affects how exchange takes place through its enforcement of contracts. D. lawyers and judges tend to be high-income people.
Figure 19-2
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Of the graphs in Figure 19-2, where the broken line represents the fixed exchange rate, which one shows a reduction in the price level in Japan that would reduce a balance of payments deficit?
A. 1 B. 2 C. 3 D. 4
When a U.S. company establishes a call center in India that answers its customer service calls, the United States is
A. outsourcing, a form of importing services B. outsourcing, a form of exporting services C. insourcing, a form of importing services D. insources, a form of exporting services