The following data about a hypothetical economy are in billions of dollars.
A.
$6,080 billion
B.
$6,230 billion
C.
$6,380 billion
D.
$6,400 billion
B.
$6,230 billion
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If the current exchange rate is 0.65 British pounds per dollar, what is the dollar price of one British pound? If the exchange rate changes to 0.70 British pounds per dollar, what is the new dollar value of one British pound?
What will be an ideal response?
The figure above shows the market for tires. The government has imposed a tax on tires, and the sellers pay ________ of the tax
A) $10 B) $20 C) $50 D) $60 E) $30
If one producer has control over an entire market and underproduces, the producer will
A) increase producer surplus by lowering pollution costs. B) increase consumer surplus by lowering producer surplus. C) increase both consumer and producer surplus. D) create a deadweight loss. E) decrease the deadweight loss that would exist if the market were efficient.
Which of the following best describes the influence of successful advertising on the market for aspirin?
A) The market demand curve shifts to the right, creating a shortage at the original equilibrium price. B) Individuals' demand curves shift to the right, but the market demand curve remains at its original position. C) The market supply curve shifts to the right, creating a surplus at the original equilibrium price. D) The market supply curve for aspirin shifts to the right, causing equilibrium price to decrease.