In the figure above, the length of the double sided arrow is the
A) consumer surplus.
B) deadweight loss.
C) producer surplus.
D) economic loss per unit.
E) economic profit.
D
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Use the above figure. Graph ________ correctly depicts the short-run Phillips Curve
A) A B) B C) C D) D
Roughly what percentage of money income was earned by the lowest 20% of income earners in the U.S. in 2010?
A) 0.8% B) 3.8% C) 6.8% D) 9.8%
Refer to Table 9-12. All of the following are terms of trade that could possibly benefit both countries except
A) 1 belt : 1.75 swords. B) 1 belt : 1.25 swords. C) 1 belt : 1.33 swords. D) 1 belt : 2.25 swords.
Answer the following statements true (T) or false (F)
1. The basic function of any economic system is to provide the framework for allocating scarce resources in a way that adequately satisfies unlimited wants. 2. Economics can be defined as the study of choices. 3. The United States has an abundance of resources and thus does not face the problem of scarcity. 4. The standard of living in most countries in the past has risen primarily as a result of a more skilled workforce and better machinery and equipment.