In Econland total output is $6 billion, population equals 250,000 people, and, of these, 200,000 are employed workers. Output per person in Econland equals ________ and average labor productivity equals ________.

Refer to Figure 15-11. What is the size of the deadweight loss prior to Verizon entering the market and what happens to this deadweight loss after Verizon does enter the market?

A) The deadweight loss of area C+D is converted to consumer surplus B) The total deadweight loss is the area D+F; D is converted to consumer surplus and F to producer surplus. C) The deadweight loss of area D is converted to consumer surplus. D) The deadweight loss of area D is converted to producer surplus.

Government regulations that worsen the performance of financial institutions include:

a. interest rate ceilings b. reserving a minimum portion of loans for rural borrowers c. a high percentage of deposits kept in reserve d. subsidies for low-income borrowers e. all of the above