Refer to the information provided in Figure 4.6 below to answer the question(s) that follow.Equilibrium in this market occurs at the intersection of curves S and D.
Figure 4.6Refer to Figure 4.6. At equilibrium, producer surplus is area
A. A + B + C.
B. A.
C. E + F + G.
D. G.
Answer: C
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Below is a student's answer to the question "What is microeconomics?" If you were the instructor, how would you correct the student's answer? "Microeconomics is the study of how government influences the choices made by individuals and bus
and of the performance of the whole national economy."
The higher the exchange rate, the
a. the lower the dollar cost of imported goods and the higher the demand for foreign exchange. b. higher the dollar cost of imported goods and the lower the demand for foreign exchange. c. higher both the dollar cost of imported goods and the demand for foreign exchange. d. the lower both the dollar cost of imported goods and the demand for foreign exchange.
The distribution of tax burdens among various groups in society is referred to as
A) sectioning. B) regressive placement. C) zero-base budgeting. D) tax incidence.
When the federal government owns parks that are funded by tax dollars,
a. park managers receive full information about visitor desires and make decisions accordingly. b. the same incentive structure exists for public park managers as private park managers. c. park managers devote much time and effort to satisfying political desires instead of visitor desires. d. park managers will be less likely to mismanage the park.