Suppose that the competitive market for rice in Japan was suddenly monopolized. The effect of such a change would be:
A) to decrease the price of rice to the Japanese people.
B) to decrease the consumer surplus of Japanese rice consumers.
C) to decrease the producer surplus of Japanese rice producers.
D) a welfare gain for the Japanese people.
E) increase the consumption of rice by the Japanese people.
B
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If a Pizza Hut raises the price of a slice of pizza from $3.00 to $3.25, the quantity demanded decreases from 1,500 slices per week to 1,300 slices per week
The demand for slices of pizza is ________ and the total revenue received by this Pizza Hut ________. A) elastic; decreases B) inelastic; decreases C) elastic; increases D) inelastic; increases E) unit elastic; does not change
Year 1 nominal GDP is
A) $200. B) $270. C) $310. D) $390.
How much would Nadia be willing to pay for the insurance?
a. $900 b. $1000 c. $1100 d. $1200
Which of the following factors makes the official unemployment rate an overstatement of the actual level of unemployment in the economy?
a. Inclusion of discouraged workers b. Inclusion of those only working part time c. Inclusion of those who are overqualified for their current jobs d. Inclusion of those who are marginally attached to the labor force e. Inclusion of those who pretend to look for work in order to qualify for welfare programs