Refer to Figure 4-11. What is the value of producer surplus after the imposition of the price floor?
A) $3,000 B) $3,600 C) $4,200 D) $4,500
A
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In the table above, the number of marginally attached workers is ________
A) 40 million B) 6 million C) 2 million D) 4 million
Which of the following is not an attempt to remedy and externality?
A. A tax per ton of sulfur dioxide pollution. B. Government quotas for individual fisherman to limit harvesting of wild salmon. C. Home association codes requiring home owners to maintain front yards. D. Price controls to combat the effects of the cost disease.
Which is not a reason the demand curve for loanable funds slopes down?
A. The value of the MRP in terms of today’s money shrinks as the interest rate rises. B. Future returns must be discounted more when the interest rate rises. C. As the interest rate rises, more and more investments become unprofitable. D. Production becomes more profitable in the future, reducing required inputs today.
Assume the price of a product rises from $2 to $3 and the quantity demanded of the product decreases from 600 to 400. The price elasticity of demand coefficient, using the midpoint formula, is:
A. 2.10. B. 0.40. C. 1.60. D. 1.00.