Refer to Figure 9-1. Under autarky, the consumer surplus is
A) $195. B) $260. C) $300. D) $555.
A
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If Sean thinks that the choice between going to Olive Garden or Red Lobster is simply too confusing, a behavioral economist will explain that Sean is showing ________
A) the endowment effect B) bounded rationality C) bounded self-interest D) bounded will power
If in a fiscal year, the outlays > incomes
What will be an ideal response?
Which statement is true?
A. Income is fairly evenly distributed in the U.S. B. The richest 1% of our population has nearly 50% of the income. C. The percentage of Americans below the poverty line has been falling steadily (except for recession) since the 1950s. D. Eleven percent of the children under six living in a two parent home are poor.
Oil is an input used to produce gasoline. An increase in the price of oil would be represented by:
A. a leftward shift of the supply curve for gasoline. B. a rightward shift of the supply curve for gasoline. C. a movement up and to the right along the supply curve for gasoline. D. a movement down and to the left along the supply curve for gasoline.