Refer to Figure 4-8. Suppose that instead of a rent ceiling, the government imposed a price floor of $2,000 per month for apartments. What is the value of producer surplus after the imposition of the price floor?
A) $40,000 B) $240,000 C) $270,000 D) $290,000
B
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Countries do not in fact export the goods the H.O. theory predicts. Discuss
What will be an ideal response?
If the demand for oranges is written as Q = 100 - 5p, then the inverse demand function is
A) Q = 5p - 100. B) Q = 20 - .2p. C) p = 20 - 5Q. D) p = 20 - .2Q.
Before 1970 the United States generally had a trade ________ and since 1970 the United States has generally run a trade ________.
A. deficit; deficit B. deficit; surplus C. surplus; deficit D. surplus; surplus
In 2007, the U.S. economy was operating close to potential. The budget deficits experienced by the United States in 2007 was:
A. primarily cyclical deficits. B. primarily structural deficits. C. neither structural nor cyclical deficits. D. about evenly split between structural and cyclical deficits.