Refer to Figure 9.1. If the market is in equilibrium, total consumer surplus is
A) $30.
B) $70.
C) $400.
D) $800.
E) $1200.
D
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It would be appropriate to use expansionary fiscal policy during prolonged periods of
A. high inflation. B. rapid economic growth. C. high unemployment. D. high budget deficits.
GDP accounting ignores
A) all non-market forms of production. B) illegal (black market) production. C) economic value added. D) all of the above.
A subsidy for pollution not produced can induce producers to pollute at the efficient level.
A. True B. False C. Uncertain
Which of the following can cause official unemployment figures to underestimate the true unemployment rate?
A. Some people engage in illegal activities. B. Some people work overtime. C. Some people get discouraged and quit looking for a job. D. Some people work "off the books."