37 Figure Determining Surplus and Loss In the graph how much is consumer

# 37 figure determining surplus and loss in the graph

This preview shows page 8 - 10 out of 10 pages.

___ 37.(Figure: Determining Surplus and Loss) In the graph, how much is consumer surplus at a price of \$12? A) \$40 B) \$80 C) \$160 D) \$240 ___ 38.Public goods are difficult to provide in the private market because they have the characteristics of: ___ 39.If I get a meningitis vaccination shot, there's a reduced chance that others around me will get meningitis. This is an example of: ___ 40.A price floor is a legally mandated: ___ 41.Macroeconomics was developed to explain: A) the Great Depression. C) the Industrial Revolution. B) jobless recoveries. D) the Internet boom. ___ 42.Alternating periods of macroeconomic expansion and contraction are known as:
Page 9 ___ 43.The national income and product accounts do all of the following EXCEPT: ___ 44.GDP can be found either by adding up all of the __________ or all of the __________ in the economy. ___ 45.John earns \$2,000. His taxes are \$250 and he spends \$1,500. Therefore, his savings must be: A) \$1,500. B) \$500. C) \$250. D) His savings cannot be calculated from the data given. Use the following to answer questions 46-47:GDP Expenditures for 2010 Expenditure Billions Personal consumption \$10,353.5 Gross private domestic investment 1,769.1 Exports 1,746.1 Imports 2,251.5 Government purchases 2,975.1 Capital consumption allowance 1,030.2 ___ 46.(Table) According to the table, net exports of goods and services are equal to: ___ 47.(Table) According to the table, GDP for 2010 was: ___ 48.Net exports equal: ___ 49.A criticism of GDP per capita is that it: A) is hard to calculate. B) might not fully reflect the standard of living of the typical citizen. C) reduces the effect of outliers skewing the averages. D) is only a hypothetical concept that cannot be measured. ___ 50.A benefit of using GDP per capita instead of GDP is that it:
Page 10 Answer Key 1. B 2. D 3. A 4. D 5. C 6. B 7. D 8. C 9. B 10. C 11. C 12. A 13. D 14. D 15. D 16. C 17. D 18. B 19. B 20. C 21. B 22. C 23. B 24. B 25. C 26. C 27. A 28. D 29. D 30. D 31. B 32. D 33. D 34. C 35. A 36. B 37. A 38. B 39. B 40. D 41. A 42. B 43. D 44. B 45. C 46. B 47. C 48. D 49. B 50. C

#### You've reached the end of your free preview.

Want to read all 10 pages?