Refer to Figure 4-1. If the market price is $2.50, what is Kendra's consumer surplus?
A) $9.00 B) $7.50 C) $1.50 D) $0
C
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The figure above shows a nation's production possibilities frontier. In the figure, point B shows
A) an unattainable point. B) an attainable point. C) a point with a free lunch. D) a point with no trade off. E) a point at which there are unemployed resources.
Which of the following is a barrier to economic growth in low-income countries?
a. A shortage of labor b. A declining population c. Lack of investment in research and development d. Lack of natural resources e. An increasing amount of savings
Which of the following best describes the process that occurs when the price of a good is below equilibrium?
B. The excess supply of the good provides an incentive for buyers to offer a higher price. These higher prices encourage sellers to supply more of the good. C. The excess demand for the good provides an incentive for buyers to offer a lower price. These lower prices encourage sellers to supply less of the good. D. The excess supply for the good provides an incentive for buyers to offer a lower price. These lower prices encourage sellers to supply less of the good.
The model: G(z) = 
, where 
(z) = (2
/>)-1/2exp(-z2/2) represents a: A. Tobit model. B. logit model. C. probit model. D. linear probability model.