Consumers' surplus is the difference between the maximum price the buyer is willing and able to pay for a good and the actual price paid
Indicate whether the statement is true or false
True
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Which of the following does the United States import?
a. cotton b. wheat c. oil seeds d. zinc e. barley
In 1984, the South Carolina State Supreme Court ruled that a 20 percent admission tax on X-rated movies was unconstitutional. When the affected cinemas sought a refund of collected taxes, they were denied on the grounds that the tax, although collected by the theater, was indeed paid by the theatergoers. The Supreme Court apparently believed
A. the supply of X-rated movies was perfectly elastic. B. the demand for X-rated movies was perfectly inelastic. C. the legislation intended that the theatergoers pay the tax. D. the burden fell on the theatergoers—there are no excess burdens on the theater.
Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $5, what is the value of marginal product of the 4th worker?
A) $300 B) $50 C) $70 D) $10
The long-run aggregate supply curve is the relationship between the price level and the quantity of real GDP that is supplied once input prices have had time to fully adjust to that price level
a. True b. False Indicate whether the statement is true or false