Relating to the Economics in Practice on page 338: A number of agencies in the federal government, including the EPA, use the social cost of carbon as their internal carbon fee. In 2015, this price they were paying was ________ per ton of carbon.
A. $18
B. $39
C. $62
D. $100
Answer: B
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Use the following consumption schedule to answer the next question. 
Disposable income equals consumption at
A. point D. B. point C. C. point G. D. point A.
Which of the following would cause an increase in the equilibrium price and decrease in the equilibrium quantity of watermelon?
A) an increase in demand and an increase in supply greater than the increase in demand B) a decrease in supply C) an increase in demand and an increase in supply D) a decrease in demand and an increase in supply
According to many economists, production that occurs in the underground economy
a. has no market value and therefore should not be included in GDP b. is given too much weight by the Bureau of Economic Analysis, causing GDP to overstate true output c. consists exclusively of illegal production activities such as drug selling and prostitution d. is accurately accounted for by the Bureau of Economic Analysis in its measurement of GDP e. is given insufficient weight by the Bureau of Economic Analysis, causing GDP statistics to understate true output
What is the difference between a price ceiling and a price floor? Compared to the competitive equilibrium price, where must price ceilings and price floors be set to have an effect on the market
What will be an ideal response?