Social Security payments received by your grandmother
A. are excluded from GDP, but are included in personal income.
B. are included in GDP, but are excluded from personal income.
C. are excluded in both GDP and personal income.
D. are included in both GDP and personal income.
Answer: A
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In the above figure, if output is 30 units, then the total deadweight loss is
A) $5. B) $10. C) $20. D) $60.
A market for pollution permits can efficiently allocate the right to pollute by using the forces of supply and demand
a. True b. False Indicate whether the statement is true or false
Exhibit 3-8 Demand and Supply Data for Video Games ? Price Quantity Demanded of Video Games Quantity Supplied of Video Games $75 400 900 70 450 850 65 500 800 60 550 750 55 600 700 50 650 650 45 700 600 40 750 550 ? In Exhibit 3-8, at any market price of video games above $50, a(n) ______________ would result, causing price to __________.
A. excess demand; rise B. excess supply; rise C. excess demand; fall D. excess supply; fall
Which of the following would result from a price support program when the support price is set above the equilibrium price, ceteris paribus?
A. The consumption of the product would rise. B. Quality would deteriorate. C. The price paid by consumers would rise. D. Output would decline.