The difference between the actual price that a producer receives and the minimum acceptable price the producer is willing to accept is called the producer:
A. Revenues
B. Surplus
C. Costs
D. Utility
B. Surplus
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Use the figure below to answer the following question. 
A decrease in supply is depicted by a
A. movement from point x to point y. B. movement from point y to point x. C. shift from S2 to S1. D. shift from S1 to S2.
Which of the following can prevent markets from reaching efficiency? I. price regulations that cap the price that may be charged II. increasing marginal cost III. monopoly
A) I only B) I and II C) II and III D) I and III
When the benefits to society of using a product exceed benefits to the user,
a. the product should be strictly regulated b. the product should be taxed c. the product provides a positive externality d. the product is overproduced at the privately determined equilibrium e. in time the product will not be produced
If a country grows at an average rate of 5 % per year over a 5 year period, then its compounded growth rate over that period is roughly:
A. 27.6 %. B. 35.0 %. C. 32.7 %. D. 20.5 %.