× Didn't find what you were looking for? Ask a question
  
  
Top Posters
Since Sunday
w
10
G
9
I
8
m
8
7
m
7
K
7
6
b
6
L
6
b
6
6
New Topic  
LU DEE LU DEE
wrote...
Posts: 604
Rep: 0 0
A year ago
In the figure above, 10 percent of income in country C is distributed to the
 
  A) richest 10 percent of the households.
  B) poorest 10 percent of the households.
  C) poorest 30 percent of the households.
  D) poorest 70 percent of the households.



Ques. 2

In the above figure suppose there is only one milk producer who chooses to restrict milk production to two million gallons per day.
 
  What is the size of the deadweight loss? (Hint: It is equal to the triangular area of consumer and producer surplus that is lost because of the reduction in output.) A) 12.5 million
  B) 6.25 million
  C) 2.25 million
  D) none of the above



Ques. 3

The above figure shows the marginal social benefit, marginal private cost and marginal social cost of producing steel. There is a marginal external ________ of ________ per ton.
 
  A) benefit; 200
  B) benefit; 100
  C) cost; 200
  D) cost; 100



Ques. 4

The firm's demand for labor is derived directly from ________.
 
  A) the wage rate
  B) the supply of labor
  C) labor's cost
  D) labor's value of marginal product



Ques. 5

In the above figure, if the price is 4 per unit, how many units will a profit maximizing perfectly competitive firm produce?
 
  A) 0
  B) 5
  C) 20
  D) 30



Ques. 6

Suppose that during 2009, the actual real GDP of Chile was 3.5 billion pesos at the same time the potential GDP was 3.4 billion pesos. What sort of equilibrium existed in Chile?
 
  What will be an ideal response?



Ques. 7

The figure above shows a monopoly's total revenue and total cost curves. The monopoly's economic profit is zero if it produces
 
  A) 0 units of output.
  B) 5 or 20 units of output.
  C) 15 units of output.
  D) none of the above



Ques. 8

The table gives the demand and supply schedules for cookies. The government now levies a 0.30 tax on cookies. As a result, the price of a packet of cookies increases by ________ and the tax revenue collected is ________ a week.
 
  A) 0.20; 24
  B) 0.10; 9
  C) 0.20; 20
  D) 0.30; 30
Read 20 times
3 Replies
Replies
Answer verified by a subject expert
geraldmanullanggeraldmanullang
wrote...
Posts: 415
Rep: 3 0
A year ago
Sign in or Sign up in seconds to unlock everything for free.
(Answer to Q. 1)  D

(Answer to Q. 2)  C

(Answer to Q. 3)  D

(Answer to Q. 4)  D

(Answer to Q. 5)  A

(Answer to Q. 6)  Chile's actual real GDP exceeded its potential GDP, so Chile was in an above-full-employment, inflationary gap equilibrium.

(Answer to Q. 7)  B

(Answer to Q. 8)  A
1

Related Topics

wrote...
A year ago
Much better than Chegg
wrote...
A year ago
...and free, happy to help
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers.
Learn More
Improve Grades
Help Others
Save Time
Accessible 24/7
  117 People Browsing
 166 Signed Up Today
Your Opinion
Which 'study break' activity do you find most distracting?
Votes: 166

Related Images
 121
 80
 104