Bill created a new software program he is willing to sell for $300. He sells his first copy and enjoys a producer surplus of $250. What is the price paid for the software?
a. $50.
b. $300.
c. $550.
d. $250.
c. $550.
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From the economic point of view, why might a sophomore in college spend a great deal of time getting to know an attractive classmate rather than getting to know the issues behind the president's deficit-reduction policies?
A) She is selfish. B) She considers it a more productive use of her time. C) She obviously has no interest in politics. D) The federal budget deficit cannot possibly affect her life.
A study conducted by Robert Shiller, a Yale Economist, found that a large majority of the public thinks that increases in inflation will not quickly lead to an increase in wages
Indicate whether the statement is true or false
Indifference curves close to the origin are ________ those farther from the origin because of ________
A) better than; transitivity B) worse than; nonsatiation C) better than; completeness D) worse than; transitivity
Which of the following is an example of an automatic stabilizer?
a. Congress legislates lower tax rates to increase consumption and investment. b. Tax rates are increased during a recession to maintain a balanced budget. c. A regressive income tax system reduces tax revenues (as a share of income) as income expands. d. Revenues from the corporate income tax increase sharply during a business boom but decline substantially during a recession, even though no new tax legislation has been enacted.