Refer to Figure 7-3. What is the value of domestic producer surplus without a quota?
A) $5 million B) $15.75 million C) $38.5 million D) $53.5 million
A
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Suppose that the price of an ounce of gold is 120 pesos in Mexico and 2,400 yen in Japan. Then the Japanese yen is worth two hundred times the value of a Mexican peso
a. True b. False Indicate whether the statement is true or false
In economic terms, religious and spiritual services are treated as: a. goods that people desire. b. resources or inputs
c. marginal benefits. d. priceless commodities.
Which of the following is true about inflation?
a. Inflation increases purchasing power. b. Inflation redistributes income to savers. c. Inflation shows the real value of goods and services. d. Inflation distorts the signals of value people gain from prices.
Suppose you place $10,000 in a retirement fund that earns a nominal interest rate of 8 percent. If you expect inflation to be 5 percent or lower, then you are expecting to earn a real interest rate of at least:
a. 1.6 percent. b. 4 percent. c. 5 percent. d. 3 percent.