The amount of currency per person in the United States is about
a. $110.
b. $300.
c. $2,450.
d. $4,490.
d
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Is the minimum wage an example of a price floor or a price ceiling? Why?
What will be an ideal response?
Refer to Figure 23-2. Suppose that the level of GDP associated with point N is potential GDP. If the U.S. economy is currently at point K,
A) firms are operating above capacity. B) the economy is in recession. C) the level of unemployment is equal to the natural rate. D) the economy is at full employment.
Under perfect price discrimination, consumer surplus
A) is less than zero. B) is greater than zero. C) equals zero. D) is maximized.
Per-unit transaction costs
a. may cause the demand and supply curves to shift either inward or outward depending on the value obtained from transaction agents. b. refer only to the commission paid to a third party for each transaction made. c. are absorbed by the party seeking the transaction. d. have the same effect on behavior as do lump-sum transaction costs; the difference in terminology is purely definitional.