9. The figure above shows the costs for the typical grower in the perfectly competitive turnip market. Currently, the price is $1,000 for a ton of turnips. In the long run, the market supply of turnips will
(A) increase and the turnip grower's economic profit will decrease.
(B) increase and the turnip grower's economic profit will increase.
(C) decrease and the price of a ton of turnips will rise to $1,200.
(D) decrease and the price of a ton of turnips will fall to $600. 

10. In 2016, consumers in Dexter consumed only books and pens. The prices and quantities for 2016 and 2017 are listed in the table above. The reference base period for Dexter's CPI is 2016. What is the cost of the CPI basket in 2017? (A) $430 (B) $540 (C) $335 (D) $320 

11. Consider the indifference maps shown above. If X and Y are perfect substitutes, your indifference curves between them would look like those in (A) Figure A. (B) Figure B. (C) Figure C. (D) Figure D. 

12. From the data in the above table, GDP equals (A) $1,120. (B) $1,290. (C) $1,280. (D) $1,360.

13. If the velocity of circulation is 6 and the quantity of money is $3 trillion, what is nominal GDP? (A) $6 trillion (B) $2 trillion (C) $333 billion (D) $18 trillion

14. The above figure shows the marginal social benefit, marginal private cost and marginal social cost of producing steel. There is a marginal external _ of _ per ton. (A) benefit; $200 (B) benefit; $100 (C) cost; $100 (D) cost; $200 

15. Bruce Copperwood's utility of wealth curve is illustrated in the above figure. Bruce is presently employed at a salary of $100,000. There is a 10 percent probability that Bruce will be totally disabled, in which case he will have no wealth. The maximum amount that Bruce is willing to pay for a disability insurance policy that would pay him $100,000 in the case of total disability is (A) $10,000. (B) $90,000. (C) $80,000. (D) $20,000.

16. Which area in the above figure equals the producer surplus under perfect price discrimination? (A) \( A + B + C + D + E + F + G + H + I + J + K \) (B) \( C + D + E + F + G + H \) (C) \( A + B + C + D + E + F + G + H + I + J + K + L \) (D) \( A + B + C + D + E + F + G + H \)

17. Consider the market for dollars. If the exchange rate rises from 2 pesos per dollar to 4 pesos per dollar (A) there is a downward movement along the supply curve for dollars. (B) the supply curve of dollars shifts rightward. (C) the supply curve of dollars shifts leftward. (D) there is an upward movement along the supply curve for dollars. 

18. In the above figure, the inflationary gap when $AD_2$ is the aggregate demand curve equals (A) the difference between 110 and 100. (B) LAS minus SAS at a price level of 100. (C) the difference between $18.5 trillion and $18.0 trillion. (D) \( AD_{1} \). 

19. The above table shows Priscilla's marginal utility from the two goods she consumes, pizza and Pepsi. A slice of pizza costs $4 and a can of Pepsi $2. Suppose Priscilla has $12 to spend. Which of the following leads Priscilla to switch her choices of pizza and Pepsi? (A) an increase in Priscilla's income. (B) an increase in the price of pizza to $6 per slice. (C) a decrease in the price of Pepsi to $1 per can. (D) All of the above will cause Priscilla to change her choices.

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