Exhibit 3A-1 Comparison of Market Efficiency and Deadweight Loss
As shown in Exhibit 3A-1, if the market is in equilibrium, then ____ represents total surplus.
A. ABEFD
B. ABEC
C. EFG
D. BEF
Answer: A
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When flat screen televisions were first introduced in 1997 they were priced at $15,000. If the CPI in 1997 was 160 and the CPI in 2019 is 265, then this price is equivalent to approximately ______________________in 2019 dollars. If the average flat screen TV sells for $550 in 2019, the percentage change between the inflation-adjusted price of a flat screen TV in 1997 and the actual pricein 2019 price is __________
a. $15,469; -96.4 percent b. $19,887; -95.6 percent c. $24,844; -97.7 percent d. $154; 3.6 percent e. $367; 8.3 percent
Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
Critically evaluate the following statement. "Since monopolies are by definition a one-firm industry they are able to charge the consumer the highest price possible."
What will be an ideal response?
The White House's deficit commission has proposed several ways for the government to reduce the federal budget deficit, including freezing salaries of federal workers
Other things equal, freezing salaries of federal workers would tend to ________ the opportunity cost of leisure and ________ the supply of labor. A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease