Refer to Figure 4-3. 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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A tax has an excess burden whenever
a. people are unable to alter their behavior to avoid paying it. b. government seeks to raise it. c. it raises a great deal of revenue. d. it induces people to change their behavior.
In their pure forms, laissez-faire economies and command economies do not exist in the world.
Answer the following statement true (T) or false (F)
At the equilibrium price,
A. the amount buyers wish to purchase is less than the amount producers wish to sell. B. the amount buyers wish to purchase equals the amount producers wish to sell. C. the amount buyers wish to purchase is greater than the amount producers wish to sell.
Which of the following would an economist classify as capital?
A. A public corporation's employees B. A share of stock C. A computer used by an accountant D. A deposit of silver