The area ________ the market supply curve and ________ the market price is equal to the total amount of producer surplus in a market
A) above; above
B) above; below
C) below; above
D) below; below
Answer: B
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If consumers buy a large number of plug-in electric cars, the equilibrium price of electricity will ________ and the equilibrium quantity of electricity will ________
A) rise; decrease B) not change; increase C) fall; increase D) fall; decrease E) rise; increase
The theory of comparative advantage suggests that trade should happen
a. between economies with small differences in opportunity costs of production. b. between economies with large differences in opportunity costs of production. c. between economies with large differences in specialization. d. between economies with small differences in specialization.
Between the years of 2001 and 2003, what happened to the structural deficit?
a. It declined rapidly. b. It fell steadily. c. It increased steadily. d. It remained fairly constant.
The profit-maximizing firm will be earning a total revenue of about
A. $0.
B. $500.
C. $720.
D. $920.