Refer to Figure 2-7. Assume that in response to changing consumer demands, Apple cuts back on the production of traditional vehicles and increases its production of self-driving vehicles. This strategy is best represented by the
A) movement from J to G in Graph B. B) movement from L to K in Graph C.
C) movement from E to F in Graph A. D) movement from H to J in Graph B.
D
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The balance of payments has become a central issue for the United States because
A) when the balance of payments is not balanced, society is unbalanced. B) the U.S. economy cannot grow when the balance of payments is in deficit. C) the U.S. has run huge trade deficits in every year since 1982. D) the U.S. never experienced a surplus in its balance of payments. E) the U.S. once ran a large trade surplus of about $40 billion.
Fred's demand schedule for movie DVDs is as follows: At $60, he would buy 1; at $50, he would buy two; at $30, he would buy 3; and at $20, he would buy 4 . If the price of movie DVDs equals $40, the consumer surplus Fred receives from purchasing movie DVDs would be: a. $20
b. $30. c. $40. d. $110.