Consider a town with three residents. The residents' demand curves for various acres of a public park are shown below.
The public is willing to pay $14 for the ________ acre of parkland.
A. 2nd
B. 6th
C. 4th
D. 8th
Answer: B
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The Clinton administration inherited a budget deficit from its predecessor. President Clinton instituted major tax increases that
A) reduced the budget deficit but increased the federal debt. B) reduced the size of the deficit but could not eliminate it. C) increased the budget deficit during his entire term. D) brought the budget into balance and eventually into a surplus.
When a tariff is imposed on a good, the ________ increases
A) domestic quantity purchased B) domestic quantity produced C) quantity imported D) quantity exported E) world price
If a country is importing more than they are exporting, the current account will have a ________ balance and the capital and financial account will have a ________ balance
A) negative; positive B) negative; negative C) positive; negative D) positive; positive
Use Figure 13.2 which depicts a monopolist firm to help with the following question. Define the area of total revenue that this firm will collect if it is maximizing profit. Use the letters that appear on the graph to identify the area
What will be an ideal response?