In the figure above, for each CD, the price a consumer is willing to pay is equal to the
A) economy's marginal social cost of producing that CD.
B) consumer's own marginal benefit from consuming that CD.
C) consumer's total consumer surplus.
D) Both answers A and B are correct.
B
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In the above figure, what is the total tax revenue collected by the government?
A) $20 million B) $40 million C) $200 million D) $400 million
The demand deposit multiplier __________ as the required reserve ratio __________
A) increases; increases B) increases; decreases C) does not change; increases D) does not change; decreases
When demand curves shift to the left, buyers become less sensitive to price increases because they consume fewer of these goods
Indicate whether the statement is true or false
Foreign trade in goods and services typically involves paying the costs of production in one currency while receiving revenues from sales in another currency
a. True b. False Indicate whether the statement is true or false