In the figure above, the equilibrium market price is $20. The producer surplus is shown by the area

The _______ model lays out the _______ available to the economy.

A) demand and supply; alternatives B) production possibilities; price alternatives C) production possibilities; alternatives D) demand and supply; prices

Which of the following is true?

a. Real federal spending per person was approximately 50 times higher in 1900 than 1800. b. Real federal spending per person was approximately 80 times higher in 2012 than 1916. c. Real federal spending per person grew slowly under the Reagan Administration during the 1980s, but it increased rapidly under the Clinton administration in the 1990s. d. In recent years, government expenditures at the state and local levels have been greater than government spending at the federal level.