Refer to Table 19-18. What is nominal GDP in 2016 when 2011 is the base year?
A) $28,885 B) $11,790 C) $11,200 D) $10,275
B
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Refer to Figure 4-1. If the market price is $2.50, what is the consumer surplus on the third ice cream cone?
A) $0 B) $0.50 C) $1.50 D) $2.50
Refer to above figure. What would be the cost of the subsidy to European taxpayers?
What will be an ideal response?
Extrapolative expectations work when prices are rising, but not when prices decline.
Answer the following statement true (T) or false (F)
Suppose that a successful advertising and promotion campaign occurs for apples. Given this successful campaign, it is likely that:
A) The quantity of apples sold will fall and the price of apples will fall. B) The quantity of apples sold will fall and the price of apples will rise. C) The quantity of apples sold will rise and the price of apples will fall. D) The quantity of apples sold will rise and the price of apples will rise.