Refer to Figure 2.1 below. At a price of $70, the consumer surplus equals
A. $5,000,000.
B. $6,000,000.
C. $8,000,000.
D. $10,000,000.
Answer: C
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In the basic closed-economy ISLM model, the money demand is a function of
A) output. B) money supply. C) interest rates. D) both A and C.
Social Security, officially known as Old Age and Survivors Insurance (OASI),
a. collects funds from current workers and invests them in order to provide these workers with a stream of income during the retirement phase of life. b. is based on the same principles as private insurance programs. c. is an intergenerational income transfer program. d. is a voluntary savings program run by the government.
Which of the following is true any place on the production possibilities curve?
a. Producing more of one item creates less of the other. b. Both items must be produced in equal volumes. c. Only one item may be produced at a time. d. No items can be produced if there is inefficiency.
Which of the following is NOT correct regarding the status of U.S. labor unions?
A) Today fewer than one in eight workers is a union member. B) A key reason for the decline in union membership is the relative decline in manufacturing jobs as a share of total employment. C) Greater domestic and global competition has had a part in bringing about a decline in unions. D) Global trade has increased the number of union members in the United States.