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D Question 9 Which of the following illustrates the concept of externalaties? O Smoking harms the health of the smoker O An increase in the price of sugar raises the price paid by consumers of soda, thereby disadvantageng these consumers O A hurricane destroys a production plant causing the wner of the plant to spend more money rebuilding O Pollution by a coal mining plant causes a farmer to spend more money on fertilizer to improve his crop Question 10 Which of the following statements is TRUE? O If Jane gets a wage increase of 4% but inflation is 5%, her real income decreases When petroleum prices increase due to war in Ukraine this will cause demand-pull inflation ( John is a banker on a fixed income, this means he will not be affected by high inflation rates None of the above D Question 11 In 2019 the Federal Government had a revenue of $ 3.4 trillion and the spending was equal to $ 4.5 trillion. This means: There was a budget surplus in 2019 ( There was contractionary fiscal policy in 2019 There was a budget deficit in 2019 O There was inflation in 2019 D Question 12 In the market for Widgets, the equilibrium price is $ 20 and the equilibrium quantity is 5000 Widgets, which of the following statements is FALSE? O If the government sets the price floor for widgets at $ 25 there will be a surplus of widgets in the market O If the government sets a price ceiling at $ 15 companies will increase the quantity supplied O If the price ceiling is set at $ 15 there will be a shortage of Widgets in the market None of the above D Question 13 Which of the following would not count as part of US GDP in 2019 O Jane purchases 100 shares of stock in Amazon Boeing ( a company based in Chicago) sells 10 airplanes to Norway O Paul paid rent of $12,000 for his apartment in Maryland in 2019 O Luigi, a foreign investor in New York, produces furniture worth $ 200,000 in 2019