Refer to Figure 4-6. What is the value of the deadweight loss after the imposition of the price floor?
A) $600 B) $1,800 C) $2,700 D) $3,300
A
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Which of the following is a characteristic of a competitive market?
a. There are many barriers to entry. b. Firms sell differentiated products. c. Buyers and sellers are price takers. d. There are many buyers but few sellers.
Chain-weighted measures of real GDP make use of prices from:
A. an unchanging base year. B. a continuously changing base year. C. a base year that is changed approximately every 5 years. D. a base year that is changed approximately every 10 years.
The following graph is the production possibility curve for a three-person economy, with workers Janna, Drew, and Karl.
Who has the highest opportunity cost of producing rice?
A. Drew B. Kari C. Janna D. Janna and Drew
People might experience rational inattention if they
A. become irrational involuntarily. B. have rational expectations. C. acquire information infrequently and make decisions based on incomplete information during the intervals between updates. D. update the state of the economy too frequently so they become confused about the information for their decisions.