Refer to Figure 6.3. On this graph, area ACD is:
A. producer surplus.
B. total surplus.
C. consumer net benefit.
D. consumer surplus.
Answer: B
Economics
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Inventories refer to
A) goods that have been planned but not yet produced. B) goods that have been produced and sold in the same year. C) goods which have been presold before they are produced. D) goods that have been produced but not yet sold.
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Budget maximization results in a budget equal to that desired by the median voter
a. True b. False
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Scarcity is the fundamental problem of the economy
a. True b. False Indicate whether the statement is true or false
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Figure 11-2
?
Which graph in Figure 11-2 best reflects a supply-sider’s view of the impact of an increase in the personal income tax rate?
A. 1 B. 2 C. 3 D. 4
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