Quotas are generally against the law and are only used when mandated by a court to remedy long-standing discrimination by a particular entity

The figure above shows that in 1996, unemployment was equal to about ________ and the inflation rate was equal to about ________

A) 7.0 percent; 3.0 percent B) 3.0 percent; 5.5 percent C) 5.5 percent; 3.0 percent D) 6.0 percent; 4.0 percent

The difference between the maximum amount a person is willing to pay for a given quantity of a good and the amount actually paid for that quantity is called the

a. producer surplus b. substitution effect c. price discrimination d. income effect e. consumer surplus