Refer to the figure below. The equilibrium price is ________, and the equilibrium quantity is ________. 
A. $30; 15
B. $35; 20
C. $25; 5
D. $25; 20
Answer: B
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Consider a small open economy that is in equilibrium with a current account surplus
(a) Draw a diagram showing this situation. (b) Now suppose that future income increases. Show what happens in your diagram. What happens to the world real interest rate and the equilibrium quantities of saving, investment, and the current account balance? (c) Repeat parts (a) and (b) for the case of a large open economy, showing a situation in which the home country initially has a current account surplus. Draw a diagram and describe how the rise in future income in the home country affects all four variables (the world real interest rate and the equilibrium quantities of saving, investment, and the current account balance) in both countries.
Figure 10-2
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Figure 10-2 shows demand and short-run cost curves for a perfectly competitive firm. In the short run, this firm would
A. earn positive economic profits. B. earn economic losses. C. go out of business. D. Cannot be determined with the information given.
A market failure occurs when:
a. the market outcome is viewed as unfair by a majority of consumers. b. a market fails to provide the good at a zero price. c. quantity demanded exceeds quantity supplied. d. the market outcome is not the socially efficient outcome. e. prices are determined by the interaction of the forces of demand and supply and not through central planning.
In Figure 24.2, total revenue at the profit-maximizing rate of output is
A. $22.00. B. $4.00. C. $6.40. D. $16.00.