Refer to Figure 4-4. What is the value of the deadweight loss at a price of $18?
A) $100 B) $180 C) $660 D) $1,040
A
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In a Dutch auction, the ________ wins the good
A) bidder who bids up to his value for the good B) bidder who stops the auction C) bidder with the lowest value for the good D) second bidder
Suppose real GDP is $12.1 trillion and potential GDP is $12.6 trillion. To move the economy back to potential GDP, Congress should
A) lower government purchases by $500 billion. B) raise government purchases by $500 billion. C) raise government purchases by more than $500 billion. D) lower taxes by an amount less than $500 billion. E) lower taxes by $500 billion.
When the central banks of various countries intervene in the foreign exchange market to maintain an exchange rate, this type of exchange rate system is called a ________ exchange rate system
A) fixed B) flexible C) all of the above D) none of the above
Based on the graph showing marginal cost pricing versus average cost pricing, society achieves allocative efficiency at point ______.
a. A
b. B
c. C
d. PMC, Qm