rutgers micro exam 1 questions with correct answers

the incidence of a tax: Answer refers to how much of the tax is actually paid by consumers and producers points beyond the production-possibility frontier Answer are unattainable with current resources the circular-flow diagram shows the flow of ____ and the flow of _______ Answer money; goods and services when a nations economy grows: Answer its production possibility frontier shifts outward a Pigouvian subsidy is: Answer designed to encourage activities generating external benefits a choice is made _____ is a choice whether to do a little more or a little less of something Answer at the margin consumer surplus is represented by the area _____ the demand curve and _____ the market price Answer below; above we know that either the demand for personal trainers or the supply of personal trainers has changed, but we don't know which has changed. however, we also know that the hourly price for services of personal trainers has increased, and the sales of these services have also increased. we can conclude that Answer demand for services of personal trainers