Refer to Figure 4-1. If the market price is $1.00, what is Arnold's consumer surplus?
A) $1.00 B) $2.00 C) $3.00 D) $7.00
C
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The figure above shows the market for milk in Cowland. A subsidy paid to producers of $1 per gallon of milk is introduced. If there are no external costs and no external benefits, the marginal benefit of the last gallon of milk consumed is
A) $3.50 a gallon. B) $4.00 a gallon. C) $4.50 a gallon. D) $5.00 a gallon.
Holding all else constant, a rise in interest rates in the United States will cause the dollar to appreciate in international exchange markets
Indicate whether the statement is true or false
The Fed is part of the executive branch of the federal government
a. True b. False Indicate whether the statement is true or false
Specialization and trade are beneficial to society because:
A. a division of labor lowers prices for products. B. scarce resources are utilized more efficiently. C. the output of economic goods may be increased with no increase in resources. D. All of these are correct.