Refer to the figure above. What is the equilibrium price and quantity of the good?
A) Equilibrium price = $40, equilibrium quantity = 20 units
B) Equilibrium price = $60, equilibrium quantity = 10 units
C) Equilibrium price = $60, equilibrium quantity = 20 units
D) Equilibrium price = $80, equilibrium quantity = 30 units
C
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As the term “opportunity cost” is defined in the text, the opportunity cost of going to college includes
A. both tuition and the value of the student’s time. B. tuition but not the value of the student’s time, which is a cash cost. C. the value of the student’s time but not tuition, which is a monetary cost. D. neither tuition nor the value of the student’s time, since obtaining a college degree makes one’s income higher in the future. E. neither tuition nor the value of the student’s time, at least at subsidized state universities.
Refer to Figure 3-1. If the product represented is a normal good, an increase in income would be represented by a movement from
A) A to B. B) B to A. C) D1 to D2. D) D2 to D1.
For the economy as a whole: a. income must equal expenditures
b. expenditures exceed income because of taxes. c. income exceeds expenditures because of saving. d. expenditures exceed income because of the government budget deficit.
When a country allows trade and becomes an importer of goods, producers gain more than consumers lose
a. True b. False Indicate whether the statement is true or false