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Questions and Answers
In the figure Consumer Surplus in the Market for Garden Gnomes I, if the good is being given away for free, consumer surplus equals the area:
In the figure Consumer Surplus in the Market for Garden Gnomes I, if the good is being given away for free, consumer surplus equals the area:
- AFP1 (correct)
- BGF
- ABP2
- AQ30
The statement 'The current trade deficit of $350 billion is too high' is a _____ statement.
The statement 'The current trade deficit of $350 billion is too high' is a _____ statement.
- positive
- normative (correct)
- ceteris paribus
- marginal
If an economy is producing 12 tons of soybeans and 9,000 bottles of apple cider, we know that the economy:
If an economy is producing 12 tons of soybeans and 9,000 bottles of apple cider, we know that the economy:
- is using its resources inefficiently (correct)
- has unemployment
- is producing at an unattainable point
- is using its resources efficiently
If the price elasticity of demand for Golden Santa boxes of chocolates is 2, by how much will the company have to reduce its price to sell the additional 500 boxes of chocolate (by the midpoint method)?
If the price elasticity of demand for Golden Santa boxes of chocolates is 2, by how much will the company have to reduce its price to sell the additional 500 boxes of chocolate (by the midpoint method)?
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The information about the production capabilities of the United States and Canada implies that:
The information about the production capabilities of the United States and Canada implies that:
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