Technician a Says Engine Blocks Are Made from Iron

question 64

Multiple Choice

Technician A says engine blocks are made from iron. Technician B says engine blocks are made from aluminum. Who is correct?

• A)A only
• B)B only
• C)both A and B
• D)neither A nor B

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Definitions:

Consumer Surplus

The gap between what consumers are prepared and can afford to pay for a product or service versus what they end up paying.

Deadweight Loss

The loss of economic efficiency when the equilibrium outcome is not achievable or not achieved in a market.

Sales Tax

A tax imposed by a government on sales of goods and services, typically calculated as a percentage of the sale price.

Deadweight Loss

An economic inefficiency that occurs when a market does not reach equilibrium, leading to a loss of total social welfare.