Jamal buys a new jacket for $50 . If his willingness to pay is ____, he receives consumer surplus of $15 on his purchase
a. $15.
b. $35.
c. $50.
d. $65.
D
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If the minimum wage is set above the equilibrium wage, a supply and demand diagram of the low-skilled labor market will show unemployment as
A) a vertical distance. B) a horizontal distance. C) the area of a rectangle. D) the area of a triangle.
In the principal-agent relationship between a bank manager and a bank teller, the manager is
A) an agent, as is the teller. B) an agent and the teller is a principal. C) a principal and the teller is an agent. D) a principal, as is the teller.
You are a baker. You paid $150K in wages, $50K for dough, $20K for power, $5K in interest for a business loan, $25K in taxes, and made a profit of $10K. How much did you contribution to GDP using the product approach?
A) $80K B) $85K C) $190K D) $260K
If goods are completely unrelated, their cross price elasticity will
A) be greater than one. B) be less than one. C) be equal to zero. D) be negative.