Joel buys ten disks for his new personal computer, and he places a $60 value on those disks, even though he only paid $2 per disk. What is his consumer surplus?
a. $48
b. $30
c. $40
d. $20
e. $4 from each floppy disk
C
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In 2008 and 2009, the quantity theory of money did a ________ job of predicting year-to-year changes in the inflation rate because ________
A) good; interest rates behaved predictably B) poor; the Fed changed the growth rate of the quantity of money too quickly C) poor; velocity of circulation plunged D) good; real GDP remained stable E) poor; the price level and the velocity of circulation did not change
Under the current managed float exchange rate regime, countries with ________ in their balance of payments frequently do not want to see their currencies ________ because it makes their goods more expensive abroad and foreign goods cheaper in their
countries. A) surpluses; depreciate B) deficits; depreciate C) surpluses; appreciate D) deficits; appreciate
In 2009, the Nobel Prize in economics was awarded for work on the effectiveness of social norms in the management of commonly held property to:
A. Arthur Pigou. B. Gary Becker. C. Elinor Ostrom. D. Ronald Coase.
The rise in equilibrium GDP shifts the money demand curve to the left
a. True b. False