Refer to the information provided in Figure 4.6 below to answer the question(s) that follow.Equilibrium in this market occurs at the intersection of curves S and D.
Figure 4.6Refer to Figure 4.6. Consumer surplus is area [A + B + E] if price is
A. P1.
B. P2.
C. P3.
D. above P3.
Answer: A
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According to the classical theory, the aggregate supply curve is
A) downward sloping. B) upward sloping. C) vertical. D) horizontal.
In a balance of payments statement, the current account plus the financial account must equal the capital account
Indicate whether the statement is true or false
Economics is
a. a discipline in the physical sciences b. a field that deals exclusively with normative issues c. a field that deals exclusively with positive issues d. only useful for examining behavior in capitalist economies e. a discipline that focuses on how choices are made in society
Opportunity cost can best be defined as the
a. money cost of a good or service.
b. money cost plus interest on money borrowed to buy a good or service.
c. cost of the resources used to produce a good or service.
d. value of the best alternative forgone when the alternative at hand is chosen.