Suppose the market price for bagels is $1.50 each. If Fresh Bagels Bakery's marginal cost of producing that bagel is $0.75, its producer surplus from that bagel is:
A. $0.
B. $0.25.
C. $0.75.
D. $1.25.
Answer: C
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Each year, the president must submit a budget proposal to Congress by:
a. January. b. April. c. July. d. October.
Figure 9.1 represents the market for used bikes. Suppose buyers are willing to pay $200 for a plum (high-quality) used bike and $50 for a lemon (low-quality) used bike. If buyers believe that 50% of used bikes in the market are lemons (low quality), what fraction of used bikes sold will actually be plums (high quality)?
A. 8/30 B. 22/30 C. 8/22 D. 30/30
Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as 
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting upward C. Short-run aggregate supply shifting downward D. Aggregate demand shifting leftward
Consider two countries—country A and country B. Both countries are exactly similar in all aspects except for one. The institutions in country A are inclusive while the institutions in country B are extractive
Given this information, which of the following statements is likely to be true? A) Both countries are likely to be capitalistic. B) Both countries are likely to be totalitarian. C) Country A is likely to have well-defined property rights, while country B is likely to lack well-defined property rights. D) Country B is likely to have well defined property rights, while country A is likely to lack well-defined property rights.