The Surface of the Moon

question 7

Multiple Choice

The surface of the Moon

• A)Once had oceans and lakes of water
• B)Is pocked by numerous craters.
• C)Has an atmosphere similar to that of Mars
• D)Acquired its present appearance about 100 million years ago

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Definitions:

Total Surplus

The sum of consumer and producer surplus, which measures the total benefit to society from conducting transactions in a market.

Autarky

A situation where an economy is self-sufficient and does not engage in international trade.

Trade

The exchange of goods, services, or both between two or more parties.

Producer Surplus

The difference between what producers are willing to sell a good for and the market price they actually receive, representing their net benefit.