In Figure 33.1, at the market wage, the consumer surplus is 
A. BW*C.
B. BWminEF.
C. WminAE.
D. W*AC.
Answer: D
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If a firm doubles its resources and generates an output level which is more than double, it is said to be experiencing:
a. economic fluctuations. b. recession. c. diseconomies of scale. d. increasing marginal returns to a factor. e. economies of scale.
Which statement is true?
A. The economic problem is limited to poverty. B. Scarcity is no longer an economic problem in the United States. C. If we all had more money there would be less scarcity. D. None of these statements are true.
Automatic stabilizers _____
Fill in the blank(s) with the appropriate word(s).
If the Santiago family, which pays a charge of one cent a gallon, uses about 1,200 gallons of water a month, what is the most accurate statement we can make about their consumer surplus?
A. They definitely enjoy a consumer surplus. B. They may or may not enjoy a consumer surplus. C. They definitely do not enjoy a consumer surplus.