A demand schedule
A. holds quantity constant.
B. is only for a given time period.
C. holds all prices constant.
D. is for a given variety of goods.
Answer: B
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Country X produces only one good. It produced 12,500 units of a good during a particular year. If the price of the good during that year was $100 and the price of the good during the previous year was $95, the nominal GDP of the country is ________
A) $875,000 B) $1,187,500 C) $2,450,000 D) $1,250,000
Which of the following decrease the deadweight loss from a rent ceiling set below the equilibrium rent? i. lowering the ceiling ii. dedicating more resources to enforcement of the ceiling iii. raising the ceiling
A) i only B) ii only C) iii only D) i and ii E) ii and iii
If the price of a visit to Sea World exceeds the marginal cost of the visit by $13, a producer surplus exists for Sea World." Is this statement true or false? Explain your answer
What will be an ideal response?
Assume there are two people in a society. Person A is willing to pay $70 to have one unit of a public good produced and Person B is willing to pay $80 to have one unit of a public good produced and $70 to have two units produced. As a result, for ________ unit(s) of this public good, society would be willing to pay a price of ________.
A. 3; $100 B. 1; $100 C. 1; $150 D. 5; $80