Refer to Figure 4-4. What is the value of consumer surplus at the equilibrium price of $15?
A) $60 B) $120 C) $180 D) $240
D
Economics
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The Social Security Trust fund actually has no money in it and is filled with IOUs. Does this information impact your thinking regarding Social Security?
What will be an ideal response?
Economics
In economics, ________ means a shortage or insufficient amount of supply
a. Scarcity b. Supply considerations c. Leveraging d. Risk
Economics
In general, a nation can enjoy a higher standard of living by ________ than by being self sufficient.
A. specialization and trading B. avoiding trade with other nations C. increasing its versatility D. taxing imported goods
Economics
Convergence theory suggests that gaps in national incomes
A. tend to close over time. B. do not seem to change over time. C. are irrelevant in global economies. D. widen over time.
Economics