The figure below shows the supply and demand curves for oranges in Smallville. 
The marginal buyer values the tenth pound of oranges at ________.
A. $12
B. $8
C. $4
D. $0
Answer: A
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The local car dealership has an increase in inventory of 100 newly produced cars in 2015 . In 2016, it sells all 100 cars. Which of the following statements is correct?
a. The value of the cars in inventory will be counted as part of 2015 GDP, and the value of the cars sold in 2016 will not increase 2016 GDP. b. The value of the cars in inventory will not affect 2015 GDP, and the value of the cars sold in 2016 will increase 2016 GDP. c. The value of the cars in inventory will be counted as part of 2015 GDP, and the value of the cars sold in 2016 will increase 2016 GDP. d. The value of the cars in inventory will not affect 2015 GDP, and the value of the cars sold in 2016 will not increase 2016 GDP.
Holding all else fixed, the greater is one's discount rate,
A. the greater is one's wage. B. the more valuable is education. C. the fewer years of schooling one completes. D. the more patient one is. E. the more years of schooling one completes.
How will an increase in the government budget surplus as a result of lower government spending (with no change in net taxes) affect private saving in the economy?
A) Private saving will increase by the amount of increase in the budget surplus. B) Private saving will be unaffected by the increase in the budget surplus. C) Private saving will decrease by less than the amount of increase in the budget surplus. D) Private saving will decrease by the amount of increase in the budget surplus.
The longer the time period under study,
a. the more elastic is the price elasticity of demand. b. the less sensitive consumers will be to price changes. c. the less adjustment consumers will make to price changes. d. the more inelastic is the price elasticity of demand. e. the more likely any given price cut will result in a smaller reaction by the consumer.