The figure above shows the market for umbrellas in Sunville. When the market for umbrellas in Sunville is in equilibrium, what is the producer surplus?
A) $3,000
B) $1,000
C) $10
D) $600
A
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If the import supply curve is horizontal at the world price:
A. a tariff will lower domestic aggregate surplus. B. a tariff will increase domestic aggregate surplus. C. a tariff will not change domestic aggregate surplus. D. a quota will increase domestic aggregate surplus.
A perfectly inelastic demand:
A. means people will quickly change the quantity they purchase when price changes. B. means people will not respond to any change in price. C. is demonstrated by a perfectly horizontal demand curve. D. has an absolute value greater than 1.
If M = the money supply; Y = real output, P = the price level, and V = velocity, which of the following equals the velocity of money?
A. (P × Y) + M B. (P × Y)/M C. (Y × M)/P D. (P × M)/Y
Suppose you earn $50 a week at your job. You like to go to movies and have dinner with friends. Movies cost $15 each and dinner is $20 each time you eat out. Which of the following combinations is attainable given your weekly budget?
A. 2 dinners and 2 movies B. 4 movies C. 2 movies and 1 dinner D. 3 dinners