Refer to Table 4-1. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is $27 dollars, total consumer surplus will be

In a steady-state, sustained increases in the capital-to-labor ratio are only possible if

a. the savings rate increases. b. population growth decreases. c. depreciation decreases. d. technology increases. e. all of the above.

Suppose the real interest rate in the economy is 3% and the nominal interest rate is 6%, what is the current inflation rate?

a. 18% b. 9% c. 2% d. 3% e. 2.5%