The figure above shows Clara's demand for CDs. The price for a CD is 15. Which statement is TRUE?
A) When Clara buys 6 CDs, she receives 15 of consumer surplus on her 6th CD.
B) When Clara buys 6 CDs, she receives a total of 15 of consumer surplus.
C) When Clara buys 6 CDs, she receives a total of 30 of consumer surplus.
D) When Clara buys 6 CDs, she receives a total of 45 of consumer surplus.
Question 2
The following data are estimates describing Ireland's economy in 2006 and 2007 (in millions of euros, in constant prices):
2006 2007
Consumption 84,000 89,000
Government expenditure 24,000 26,000
Investment 48,000 48,000
Exports 142,000 151,000
Imports 123,000 128,000
Subsidies 1,800 1,900
Taxes 500 500
Which of the following is TRUE regarding Ireland's economy?
A) The change in GDP from 2006 to 2007 represented a peak in the business cycle.
B) GDP decreased from 2006 to 2007.
C) Net exports decreased from 2006 to 2007.
D) Consumption was 48 percent of Ireland's GDP in 2007.
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