Refer to Figure 16-6. With this pricing scheme - a competitive price for the classes and a one-time membership fee - what amount of producer surplus will Sensei earn?
A) the area A + B + C + D + E + F + G + H B) the area E + F.
C) the area H + G + F. D) the area A + B + C + D + E.
A
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What are open market operations? If the economy is experiencing a recession, what kind of open market operations should the Fed undertake?
What will be an ideal response?
Which of the following is a drawback to having a common currency across countries, as in the European Union?
A) Having a common currency implies that the prices of goods across countries must always be the same, regardless of consumer preferences for goods across countries. B) A common currency increases barriers to trade across countries, reducing opportunities for economic growth. C) With a common currency, individual countries are no longer able to run independent monetary policies. D) None of the above is a drawback to a common currency.
According to the text, large slave plantations were _____ efficient than farms without slaves because (among several reasons) _______
a. more, the intensity per hour with which slaves worked was high b. more, large plantation owners used political power to control the best land c. less, free men worked harder than slaves d. less, slaves frequently sabotaged production
Economists use the notation Q = f(L,K) to describe:
a) the financial relationship between the inputs that a firm uses and the outputs that it produces. b) the level of output (Q) required to fully employ labour (L) and capital (K). c) the flow of labour (L) and capital (K) services that are available when output is (Q). d) the arithmetic relationship between the outputs that a firm uses and the inputs that it produces. e) the technological relationship between the inputs that a firm uses and the outputs that it produces.