The area above the market supply curve and below the market price
A) is equal to the total cost of production.
B) is equal to the total amount of producer surplus in a market.
C) is equal to the total amount of economic surplus in a market.
D) is equal to the marginal cost of the last unit produced.
Ans: B) is equal to the total amount of producer surplus in a market.
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Who would be least inclined to engage in "feel good" foreign projects, which contribute minimal benefits to the poor but look impressive to outside observers?
A) Private investors B) Foreign governments C) International aid agencies D) The World Bank
Which of the following is true about the derived demand for architects?
a. The derived demand for new architects has been rapidly growing in recent years due to the development of powerful and cheap computers and computer-assisted design programs. b. The derived demand for new architects has been rapidly growing in recent years due to the lack of available architectural design software that is simple, powerful, and inexpensive. c. The derived demand for new architects has been declining in recent years due to the development of powerful and cheap computers and computer-assisted architectural design software. d. The derived demand for new architects has been declining in recent years due to the development of powerful and expensive computers and lack of computer-assisted architectural design software.
A reduction in the inflation rate would make relative prices
a. less variable, making it more likely that resources will be allocated to their best use. b. less variable, making it less likely that resources will be allocated to their best use. c. more variable, making it more likely that resources will be allocated to their best use. d. more variable, making it less likely that resources will be allocated to their best use.
Refer to the information provided in Figure 6.5 below to answer the question(s) that follow.
Figure 6.5Refer to Figure 6.5. Molly's budget constraint is BD. Molly's income is $375, the price of a DVD is $15 and the price of a CD is $25. At point D she is buying ________ DVDs and ________ CDs.
A. 25; 15 B. 25; 0 C. 50; 30 D. 0; 15