Consumer surplus measures the value between the price consumers are willing to pay and the:
A. producer surplus price.
B. deadweight gain price.
C. actual price paid.
D. preference price.
Answer: C
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Under the Bretton Woods exchange rate system, the U.S. government agreed to buy or sell gold at a fixed price of ________ per ounce
A) $1 B) $35 C) $100 D) $400
The worldwide trend is for populations to be increasingly:
a. Mobile and urban b. Insular and stay at home c. Spread out rural to seaside d. Northern moving because of global warming
A farm is able to produce 9,000 pints of strawberries per season on 10 acres. It adds one more acre and is able to produce 12,000 pints per season. The marginal product of land for this farm is:
a. 900 pints per acre per year. b. 1,000 pints per acre per year. c. 3,000 pints per acre per year. d. 12,000 pints per acre per year.
A $100 billion decrease in government purchases would:
a. increase AD by $500 billion if MPC = 0.8. b. decrease AD by $300 billion if MPC = 2/3. c. increase AD by $200 billion if MPC = 0.5. d. decrease AD by $40 billion if MPC = 0.4.