In the above figure, what is the amount of producer surplus at the efficient quantity?
A) $0
B) $1,000
C) $2,000
D) $4,000
C
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Of the following U.S. presidents, which was the first to propose a national health insurance program to Congress?
A) Barack Obama B) Bill Clinton C) Harry Truman D) John F. Kennedy
Classical economists believe that a market economy will normally
A) suffer from extended periods of sustained unemployment. B) achieve full-employment output. C) degenerate into pure monopolies in most industries. D) eliminate the problem of economic scarcity.
The command economy of World War I (1914–18) possessed which of the following traits?
(a) Decentralized decision-making in the markets (b) The creation of many state agencies (c) Volunteers for the armed forces (d) Centralized decision making by bureaucrats
Curly is offered the following gamble: a 25 percent chance of winning $1,500 and a 75 percent chance of losing $500. This is a(n):
A. fair gamble. B. unfair gamble. C. better-than-fair gamble. D. almost-fair gamble.