Jen values her time at $60 an hour. She spends 2 hours giving Colleen a massage. Colleen was willing to pay as much at $300 for the massage, but they negotiate a price of $200. In this transaction, ( )
A. consumer surplus is $20 larger than producer surplus.
B. consumer surplus is $40 larger than producer surplus.
C. producer surplus is $20 larger than consumer surplus.
D. producer surplus is $40 larger than consumer surplus.
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Governments may intervene in a market economy in order to ( )
A. protect property rights.
B. correct a market failure due to externalities.
C. achieve a more equal distribution of income.
D. All of the above.
You win $100 in a basketball pool. You have a choice between spending the money now and putting it away for a year in a bank account that pays 10 percent interest. The opportunity cost of spending the $100 now is ( )
A. to spend $100 one year from now
B. to spend $105 one year from now
C. to spend $115 one year from now
D. to spend $95 one year from now.
A point inside the production possibilities frontier is ( )
A. efficient, but not feasible.
B. feasible, but not efficient.
C. both efficient and feasible.
D. neither efficient nor feasible.
All of the following topics fall within the study of microeconomics EXCEPT ( )
A. the impact of cigarette taxes on the smoking behavior of teenagers.
B. the role of Microsoft’s market power in the pricing of software.
C. the effectiveness of antipoverty programs in reducing homelessness.
D. the influence of the government budget deficit on economic growth.
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