56. The market price is Pfe. The consumer surplus is the region A. CEB B. PmPfeE

Question

56. The market price is Pfe. The consumer surplus is the region A. CEB B. PmPfeEC C. ACPm D. ABPfe E. QmCPmO
86. What is the price index for the base year? A. 112.5 B. 125 C. 100 D. 150 E. 137.5
111. What are Arizona Savings Bank's excess reserves? A. $2,000,000 B. $7,000,000 C. $1,000,000 D. $0 E. $10,000,000
128. Movement from point C to point D corresponds to a A. Rightward shift of the aggregate demand curve B. Movement down the long run aggregate supply curve C. Leftward shift of the aggregate demand curve D. Rightward shift of the aggregate supply curve E. Leftward shift of the aggregate supply curve
142. The data in the table tell us that both the United States and Mexico produce wheat and beef. The United States can make 6 bushels of wheat or 1 pound of beef in a day. Mexico can make 2 bushels of wheat or 4 pounds of beef in a day.
What is the opportunity cost of 1 pound of beef in Mexico? A. 1 bushel of wheat B. 1/6 bushel of wheat C. 6 bushels of wheat D. 1/2 bushel of wheat E. 2 bushels of wheat Re re 7.3

Explanation / Answer

56. D. ABPfe as consumer surplus is the area below the demand curve and above the price level.

86. B. 125

Price index = Sum of current year prices / Sum of base year prices X 100

111. A. $2,000,000

Reserves = 20% of (current deposits + saving deposits) = 20% of (6,000,000 + 4,000,000) = $ 2,000,000

128. B. Movement down the long run aggregate supply curve

142. D. 1/2 bushel of wheat

2 bushels of wheat = 4 pounds of beef

2/4 bushels of wheat = 1 pound of beef

Therefore, opportunity cost of 1 pound of beef = 1/2 bushel of wheat.

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