If the market price of a good is $150 and the supply price of the good is $70, what is the producer surplus if any?
A. $150
B. $70
C. $220
D. $80
E. $0
Answer: D
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The price of a candy bar is $1.13 in Year 1 and $1.18 in Year 2. The nominal wage rate is $8 in year 1 and $9 in year 2. What is the approximate percentage change in the real wage rate from year 1 to year 2?
A. 8% B. 2% C. 6% D. 4%
Net domestic product:
A. is a worse measure of output than gross domestic product because it is distorted by depreciation. B. increases as depreciation increases. C. is a better measure of output than gross domestic product because it controls for depreciation. D. cannot be computed since economists have no measure of depreciation.
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.
Which of the following is most likely to be private property?
A) bees B) house flies C) farm raised shrimps D) winds