Refer to the above figure. At a price of $10, excess quantity supplied equals
A. 15.
B. 12.
C. 0.
D. infinity.
Answer: B
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In order to increase the capital stock, society must divert ________ that could be otherwise used to increase the supply of ________.
A. money; labor. B. money; consumer goods C. credit; labor D. resources; consumer goods
Externalities arise when: a. the benefits of a transaction between producers and consumers are enjoyed by only the consumers. b. the benefits of a transaction between producers and consumers are enjoyed by only the producers. c. a transaction negatively impacts people who are not directly involved in the transaction
d. a transaction occurs without the government's approval.
A binding price ceiling may not help all consumers, but it does not hurt any consumers
a. True b. False Indicate whether the statement is true or false
Which type of income contributes the smallest share to total income in the U.S.?
A. Wages B. Interest C. Rent D. Profits