World-class models receive significant economic rents because
A) their talents and abilities are in fixed supply.
B) there is a shortage of world-class models.
C) there is a surplus of world-class models.
D) there is no equilibrium quantity of world-class models.
Ans: A) their talents and abilities are in fixed supply.
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The Bretton Woods exchange rate system was replaced by a gold standard
Indicate whether the statement is true or false
Total utility
A) is equal to the sum of the marginal utilities of all units consumed. B) cannot decrease as a person consumes more and more of a good. C) has a constant rate of increase as a person consumes more and more of a good. D) is negative when marginal utility is declining.
Last year you purchased 20 shirts at $15 apiece, 30 CDs at $12 each, and 5 sweaters at $25 apiece. This year you buy 20 shirts at $20 apiece, 30 CDs at $12 apiece, and 5 sweaters at $20 a apiece. If last year's index was 100, this year's index is
A) 91.3. B) 102.0. C) 109.5. D) 9.5.
The total burden of a tax is $10,000 and the tax revenue from this tax is $8,000. The excess burden of this tax is
A. $2,000. B. $8,000. C. $10,000. D. $18,000.