(Ref 8-7 Table: Producer Surplus and Phantom Tickets) The table Producer Surplus and Phantom Tickets shows the minimum price at which each of the students is willing to sell a ticket to Phantom of the Opera. Assume that each student has only one ticket to sell. Given the information in the table, if these students can sell their Phantom tickets for only $5, then:

If points A and B are two locations on a country's production possibility frontier, then

A) the country could produce either of the two bundles. B) consumers are indifferent between the two bundles. C) producers are indifferent between the two bundles. D) at any point in time, the country could produce both. E) both bundles must have the same relative cost.

If the demand curve over a certain range is "price elastic," this implies that the:

a. percentage change in the quantity demanded exceeds one. b. percentage change in the quantity demanded exceeds the percentage change in product price. c. percentage change in price exceeds the percentage change in quantity demanded. d. product is non-reactive. e. product has no good substitute.

Suppose that over the last year the price of copper increased from $1.70 a pound to $1.79 per pound. Over the same time a measure of the overall price level increased from 300 to 309 . The price of copper increased by

a. less than inflation, and this means it became relatively less scarce. b. less than inflation, and this means it became scarcer. c. more than inflation, and this means it became scarcer. d. more than inflation, but this doesn't necessarily mean that it become scarcer.

If the exchange rate between the Russian ruble and the U.S. dollar is 33.3 rubles for $1, then how much is each ruble worth in U.S. dollars?

a) $0.03 b) $0.30 c) $0.33 d) $33.3