A farmer receives a producer surplus of $100 for 10 tons of wheat. If the price he was willing to receive was $200 for the 10 tons of wheat, then the market price of 10 tons of wheat was $300
a. True
b. False
Indicate whether the statement is true or false
True
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Fed Chairman Alan Greenspan managed to keep the rate of inflation low as the economy was growing at a brisk pace by setting and hitting low money supply growth rate targets
Indicate whether the statement is true or false
A perfectly competitive firm has a random demand with a 30 percent chance of being $15 and a 70 percent chance of being $20. What is the firm's expected marginal revenue?
A) $20.00 B) $15.00 C) $19.00 D) $18.50
Popeye receives a marginal utility of 12 utils for the last can of spinach consumed. If the price of a can of spinach is 50 cents per can, then the marginal utility per dollar spent on the last can of spinach is equal to: a. 6 utils per dollar
b. 12 utils per dollar. c. 18 utils per dollar. d. 24 utils per dollar.
If Guy Lafleur is taxed $100 on an income of $1,000 . Patrick Roy is taxed $200 on an income of $2,000 . and Ryan Walter is taxed $300 on an income of $3,000 . the tax system is
a. progressive b. poll c. regressive d. excise e. proportional