What is the present value of a payment of $150 one year from today if the interest rate is 6 percent?

For the purposes of GDP accounting, government purchases include

A) the purchases of new military equipment. B) direct transfer payments by the government to other individuals. C) Social Security payments. D) welfare payments.

The above figure shows the U.S. market for 1 carat diamonds. Area C is the

A) decrease in consumer surplus due to the import quota. B) importers' profit from the quota. C) deadweight loss from the import quota. D) increase in producer surplus due to the import quota. E) gain in total surplus due to the import quota.