If a consumer is at an optimum, consuming X and Y, and the price of Y increases, then to get to a new equilibrium the consumer must
A. purchase more of both X and Y.
B. purchase more X.
C. purchase less X.
D. purchase less of both X and Y.
Answer: B
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An indication that Insurance companies anticipate adverse selection is
a. they do not require a deductible b. they do not classify clients into different risk types according to their claim history c. they classify clients into different risk types according to pre-existing conditions d. they do not require a co-payment
China has experienced particularly high rates of economic growth as a result of
A. High rates of government spending. B. High rates of consumer spending. C. High rates of capital investment. D. Low rates of saving.
Economists account for changes in tastes for a good as:
A. irrelevant for the demand curve. B. shifts in the demand curve. C. not demonstrable on the demand curve. D. movements along the demand curve.
Refer to the information provided in Figure 8.8 below to answer the question(s) that follow. 
Figure 8.8 Refer to Figure 8.8. At the market price of $8 per bushel, if this farmer produces the profit-maximizing level of soybeans, the total revenue would be
A. $1,200. B. $2,800. C. $5,600. D. $8,400.