?
In Figure 5-13, the consumer is better off
A. at A than at E.
B. at B than at D.
C. at any point on U2than at any point on U1.
D. All of the responses are correct.
Answer: C
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Assume the market is in equilibrium in the graph shown at demand D and supply S1. If the supply curve shifts to S2, and a new equilibrium is reached, which of the following is true?
A. Consumer surplus increases, but producer surplus decreases.
B. Consumer surplus decreases, but producer surplus increases.
C. Both consumer and producer surplus increase.
D. Both consumer and producer surplus decrease.
For a person earning $15,000, the average tax rate is:
A. 10%
B. 15%
C. 12.5%
D. 11.7%
If interest rates are expected to rise, the bond prices will:
A. fall, due to the demand for bonds decreasing. B. not change until interest rates actually change. C. move in the same direction as the expected change in interest rates. D. rise, as people seek capital gains.
The official definition of poverty is based on a comparison of cash and in-kind benefits with family size.
Answer the following statement true (T) or false (F)