The figure above shows Clara's demand for CDs. At a price of $20 for a CD, the value of Clara's total consumer surplus for all the CDs she buys is
A) $40.
B) $30.
C) $20.
D) $4.
C
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The above figure shows the domestic market for tomatoes. Suppose this market is isolated from global competition and there is a support price set at $16. In this figure, what area equals the consumer surplus?
A) area A + area B + area C B) area A + area F C) area C + area D + area E + area G D) area A E) area F
The industrialized group of countries has growth rates that are consistent with the findings of the economic growth model
That is, Taiwan, Korea, and Singapore had ________ incomes in 1960 than the United States and Switzerland, and Taiwan, Korea, and Singapore grew ________ than the United States and Switzerland between 1960 and 2010. A) lower; more rapidly B) greater; more rapidly C) greater; less rapidly D) lower; less rapidly
Which of the following is true of property rights?
a. They are rights to use a public good without paying for it. b. They usually specify the owner's alternatives. c. The are associated with the exchange of commodities but not services. d. They are often open-ended and do not exhaustively specify the owner's alternatives.
Economists sometimes refer to the resource category land as natural resources
Indicate whether the statement is true or false