If the rate of exchange for a pound is $4, the rate of exchange for the dollar is ________.
A. $0.25
B. 4 pounds
C. 1/4 pound
D. $1.00
Answer: C
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The latest model car in the dealer's showroom has a sticker price of $35,000.00. Fred, the shopper, has decided that he would pay no more than $32,000.00 for the car
After two hours of bargaining with the saleswoman, Fred actually purchases the car for $31,000.00. Fred, therefore, has obtained a consumer surplus of A) $35,000.00. B) $32,000.00. C) $4,000.00. D) $1,000.00.
A tax that causes the price that producers receive for a commodity to deviate from the buyer's price is
A. an unit tax. B. a compensated tax. C. an income tax. D. a price-distorting tax.
Some economists conduct empirical research on the theory of the firm by measuring the degree of technical efficiency achieved by actual firms. What type of research contributions are provided by these studies?
A) Normative B) Positive C) Administrative D) Executive
Refer to Figure 4.6, which shows David's and Celeste's individual supply curves for flower arrangements per week. Assuming David and Celeste are the only producers in the market, what is the market quantity supplied at a price of $20?
A. 0 B. 100 C. 150 D. 200