Omondi’s country has undergone significant economic growth over the past 15 years. What conclusion can be reached about his country?
a. It is authoritarian.
b. It is democratic.
c. It is neither authoritarian nor democratic.
d. It could be either authoritarian or democratic.
d. It could be either authoritarian or democratic.
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Suppose that the market for steel is shown in the above figure. What specific tax would result in a competitive market producing the socially optimal quantity of steel?
What will be an ideal response?
If Joel buys ten floppy disks, which are worth a total of $30 to him, and he pays $1 a disk, how much consumer surplus does he derive?
a. $24 b. $15 c. $20 d. $10 e. $2 from each floppy disk
Suppose the price of one euro is fixed at $1.00. A Dutch oil company discovers new oil reserves in the North Sea and offers the oil for sale. What event would prevent a shortage of euros from developing?
a. The dollar price of one euro remains fixed at $1.00.
b. The quantity of euros demanded changes from Q1 to Q2.
c. The dollar price of one euro is allowed to change to $1.50.
d. An increase in demand for euros shifts D1 to D2.
The AS curve shows the total quantity of goods and services firms produce at any given price level.
a. true b. false