The diamond/water paradox helps to illustrate the concept of marginal value.
Answer the following statement true (T) or false (F)
True
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If in 2016, a woman made $50,000 on the job, $20,000 from a consulting business she operated, and $25,000 in dividends on stock she owned, she would owe old-age Social Security taxes on
A. $50,000. B. $87,000. C. $70,000. D. $95,000.
Studies by economists have tended to show that countries with more independent central banks have
A) lower unemployment. B) more inflation. C) higher unemployment. D) less inflation.
There is no deadweight loss if the regulatory rule for a natural monopoly
A) is an average cost pricing rule. B) sets price at a level that enables the regulated firm to earn a specified rate of return on its capital. C) is a marginal cost pricing rule. D) prevents the firm from engaging in any form of price discrimination.
Which of the following statements best describes excess supply, or surplus?
a. The area between the supply and demand curves above the equilibrium point is called excess supply, or surplus. b. The area between the supply and demand curves below the equilibrium point is called excess supply, or surplus. c. The area between the supply and demand curves to the right of the equilibrium point is called excess supply, or surplus. d. The area between the supply and demand curves to the left of the equilibrium point is called excess supply, or surplus.