Figure 3-20
Refer to . At the equilibrium price, consumer surplus is
a.
$480.
b.
$640.
c.
$1,120.
d.
$1,280.
a
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A higher price level causes
A) the C + I + G + X curve to shift u
The report that concluded that the world will run out of oil in about 40 years used which formula to calculate the number of years to depletion?
A) (proven reserves + unknown reserves) ÷ annual consumption = number of years to depletion B) total reserves ÷ total consumption = number of years to depletion C) proven reserves ÷ annual consumption = number of years to depletion D) proven reserves ÷ unknown reserves = number of years to depletion
Devaluation of a currency stimulates exports
Indicate whether the statement is true or false
The right rate of inflation for the economy-the rate at which no one really pays attention to it-is a rate between:
A. ?5 and zero percent. B. 2 and 5 percent. C. zero and 2 percent. D. ?2 and 2 percent.