Refer to Figure 3-5. At a price of $0
A) there is a shortage of 8 units. B) there is a shortage of 0 units.
C) there is a surplus of 8 units. D) there is a surplus of 0 units.
A
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Public goods, when left to the private market will be:
A. undersupplied. B. over consumed. C. under consumed. D. oversupplied.
A price ceiling in a perfectly competitive market
a. leads to the same result as if the market were monopolized b. results in a welfare loss c. is effective only if it is set above the equilibrium price d. may result from collusion among the firms selling in that market e. may result from collusion among the consumers buying in that market
If real interest rates in the US are increasing faster than real interest rates in other countries, which of the following is most likely to occur?
a. the demand for dollars will decrease, and the value of the dollar will increase b. the demand for dollars will increase, and the value of the dollar will increase c. the supply of dollars will decrease, and the value of the dollar will increase d. the supply of dollars will increase, and the value of the dollar will increase e. the supply of dollars will increase, and the value of the dollar will decrease
Suppose the total value of all assets in the Country A is $10 trillion. In 2020, the total value of all final services produced in Country A was $150 billion, the total value of all final goods produced in Country A was $350 billion, and the total value of all final goods and services produced by Country A's firms in other countries was $100 billion. In this situation, Country A's Gross Domestic Product for 2020 was
A. $510 billion. B. $600 billion. C. $500 billion. D. $10.5 trillion.