Consider the demand curve below. If the price is A, then the total revenues of sellers would be the area:
A. DABE
B. 0ABC
C. 0DEF
D. CBEF
B. 0ABC
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If the same fine is imposed on buyers and sellers of an illegal good so that the cost of breaking the law is the same for both, then
A) there is more government revenue collected than with an excise tax on the good. B) there is no deadweight loss in this market because the extra producer surplus will exactly offset the lost consumer surplus. C) the supply and demand curves both shift leftward by equal amounts. D) the equilibrium price of the good definitely increases.
The Board of Governors appoint __________ directors for each Federal Reserve Bank and the member banks elect __________ for the Federal Reserve Bank in their district
A) three; three B) three; six C) six; three D) six; six
The relationship that tells us how much a person intends to spend at various levels of income is
A. the expenditure function. B. the autonomous spending function. C. the consumption function. D. the income function.
Name the eight HPAEs
What will be an ideal response?