During which years did the country have a budget surplus?
A) 2008 and 2009
B) 2012 only
C) 2011 only
D) 2010 and 2012
E) all except 2011
A
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Refer to Figure 21.2. If area A = 2,000, area B = 400, and area C = 2,600, what is the Gini coefficient for Urbania (rounded to two decimal places)?
A) 0.40 B) 0.43 C) 0.67 D) 0.77
In May 2008, Switzerland co-hosted the international soccer tournament Euro 2008. At that time, the Swiss potato industry association had been warning there could be a fry shortage because there was a potato shortage
The shortage meant that in the French fry market A) the price for French fries would be higher. B) the price for French fries would be lower. C) if the efficient quantity of fries is produced, total surplus would be minimized. D) if the inefficient quantity of fries is produced, total surplus would be maximized.
How is a monopolistically competitive firm likely to respond to fluctuations in demand in the short run?
A) by selling more or less at the posted price B) by changing prices C) by reducing menu costs D) by increasing menu costs
Refer to Figure 9.3. If the market is in equilibrium, the producer surplus earned by the seller of the 100th unit is
A) $0.50. B) $0.75. C) $1.50. D) $2.00. E) $2.75.