The figure above shows the supply curve for soda. The market price is $1.00 per soda. The producer surplus from the 20,000th soda is
A) $0.00.
B) $0.50.
C) $1.00.
D) more than $1.00.
E) None of the above answers is correct.
A
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The enforcement of contracts by the government:
A. encourages economic growth. B. allows people to enter into long-term investments more easily. C. can increase physical capital investment. D. All of these are true.
The Gini co-efficient is the:
a. area between the Lorenz curve and the vertical axis divided by the area under the Lorenz curve. b. area between the Lorenz curve and the horizontal axis divided by the area above the Lorenz curve. c. area between the Lorenz curve and the line of perfect equality divided by the total area under the line of income equality. d. area between the Lorenz curve and the line of perfect equality divided by the total area above the line of perfect equality. e. area between the line of perfect equality and the horizontal axis divided by the area between the Lorenz curve and the horizontal axis.
The interest rate at which commercial banks lend to their customers with the best collateral is known as
a. prime rate. b. federal funds rate. c. discount rate. d. T-bill rate.
Define the following terms and explain their importance to the study of economics. a. Demand b. Surplus c. Equilibrium d. Law of supply and demand e. Quantity demanded
What will be an ideal response?