If a buyer's reservation value for a good is $15 and the price at which he purchases the good is $8, his consumer surplus is:

A black market for housing exists because of a rent ceiling. The rent for housing in the black market is

A) the same as the equilibrium rent. B) lower than the ceiling rent. C) somewhere between the ceiling rent and the maximum rent a tenant is willing to pay. D) somewhere between zero and the equilibrium rent. E) not defined because the market is not legal.

Which of the following is an example of expansionary monetary policy?

A) Congress passing a new government stimulus package. B) The Fed raising the discount rate for member banks. C) The Fed increasing the money supply to push interest rates lower. D) The president signing an executive order to raise the minimum wage of government employees.