Joe is willing to pay $4 for his first slice of pizza and $3 for his second slice of pizza. If the price is $2, on his two slices of pizza Joe receives a total consumer surplus of
A) $4.
B) $3.
C) $2.
D) $1.
B
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Higher prices and price increases combined with lower real output and income, resulting from a major increase in input prices in the economy is called:
A) deflation. B) inflation. C) stagflation. D) none of the above.
One of the reasons fewer antitrust cases have been brought before the courts is:
A. union workers have gained more power. B. antitrust laws have been preemptively effective. C. foreign goods comprise a larger share of goods purchased. D. the market is more competitive.
If politicians decide to proceed with protection, why might economists prefer tariffs to quotas? Explain at least three reasons
What will be an ideal response?
Refer to the information provided in Figure 30.1 below to answer the question(s) that follow.
Figure 30.1Refer to Figure 30.1. Which of the following could cause a movement from Point B to Point A?
A. an increase in the interest rate B. a decrease in the interest rate C. positive growth in aggregate output D. negative growth in aggregate output