The figure above shows Sam's budget line. Which of the following combinations of gasoline and coffee are not available to Sam?
A) 40 gallons of gasoline and 0 pounds of coffee
B) 32 gallons of gasoline and 4 pounds of coffee
C) 8 gallons of gasoline and 8 pounds of coffee
D) 16 gallons of gasoline and 16 pounds of coffee
D
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In Venezuela, the government attempted to control rising food prices by implementing price ceilings in the market. These price ceilings were set ________ the market prices, which resulted in ________ of food
A) above; surpluses B) above; shortages C) below; surpluses D) below; shortages
The figure below represents the domestic market for wheat in a small country. Imports of wheat are prohibited.
With an export subsidy of $20 per bushel, the net loss in national well-being as a result of the export subsidy is
A. $500 million. B. $200 million. C. $2.2 billion. D. $300 million.