When the Smiths were shopping for their present home, the asking price from the previous owner was $250,000.00. The Smiths had decided they would pay no more than $245,000.00 for the house
After negotiations, the Smiths actually purchased the house for $239,000.00. They, therefore, enjoyed a consumer surplus of A) $239,000.00.
B) $5,000.00.
C) $6,000.00.
D) $11,000.00.
C
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When y changes, x stays the same. The line depicting this relationship would be
A) vertical. B) horizontal. C) linear with a negative slope. D) linear with a positive slope.
Which of the following is NOT a way in which power was divided up in the Federal Reserve System?
A) between bankers and business interests B) among states and regions C) between importers and exporters D) between government and the private sector
Which question is an example of a macroeconomic question?
a. What is the level of industrial concentration in the automobile industry? b. What policies would be recommended for stimulating national economic growth? c. What economic incentives can be used to reduce the cost of health care? d. What are the supply and demand conditions expected to be for the major farm crops?
Globalization has had a positive effect on private sector labor union membership rates.
Answer the following statement true (T) or false (F)