Economic surplus
A) is equal to the difference between consumer surplus and producer surplus.
B) is equal to the sum of consumer surplus and producer surplus.
C) does not exist when a competitive market is in equilibrium.
D) is the difference between quantity demanded and quantity supplied when the market price for a product is greater than the equilibrium price.
B
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Which of the following statements is true?
A) Geography and culture of a nation are under human control, while institutions of a nation are outside of human control. B) Geography refers to man-made factors, and in particular to the organization of society determined by the members of that society. C) Geography of a nation is not always under human control, while institutions of a nation are man-made. D) Most of the geography of a nation can be changed over time.
While the Economic Freedom Index demonstrates a strong ________ correlation between economic freedom and per capita GDP, the economic way of thinking provides the ________
A) negative; explanation B) positive; explanation C) negative; data D) positive; data
Borrowers are ________ of loanable funds, and lenders are ________ of loanable funds
A) suppliers; demanders B) demanders; suppliers C) demanders; demanders D) suppliers; suppliers
Which of the following observations concerning leading economic indicators is true? a. They provide warnings of likely downturns
b. They provide accurate information on the depth of a downturn. c. They provide accurate information on the duration of a downturn. d. Both b. and c. are true.