Refer to Figure 9.1. If the market is in equilibrium, the consumer surplus earned by the buyer of the 1st unit is ________

What is a hyperinflation?

A. It is an inflation rate in excess of 200 percent per year. B. It is a combination of excessive increase in the price level and rising unemployment. C. It refers to a situation where a country's money supply is no longer backed by gold. D. It is a situation in which financial markets collapse and the government is forced to print money.

Statistical evidence suggests that

A) free trade policies promote economic growth more effectively than do import substitution policies. B) import substituting policies tend to promote effective exploitation of scale economies. C) import substitution tends to lead to relatively low effective rates of protection. D) import substitution is to this day the preferred growth strategy promoted by the World Bank. E) import substitution proved to be the most effective aid for developing countries before 1970.