Consumer surplus is the:
a. number of consumers who are excluded from a market because of scarcity.
b. amount of a good that consumers will buy at a price below the equilibrium price.
c. amount consumers are willing to pay for a good minus the amount the consumers actually pay for it.
d. amount consumers are willing to pay for a good minus the cost of producing the good.
c
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One disadvantage of international policy coordination is caused by
A) having to trust another country. B) internalizing international policy externalities. C) monetary unity. D) forced intervention in money markets.
A change that increases the real money supply relative to real money demand causes
A) the LM curve to shift down and to the right. B) the LM curve to shift up and to the left. C) the IS curve to shift down and to the left. D) the IS curve to shift up and to the right.
By opening up to foreign markets two things countries generally experience are:
A. access to a smaller array of new products and saving money through access to cheaper goods. B. access to a smaller array of new products and increase in negative trade outcomes with that nation. C. saving money through access to cheaper goods and finding new customers for their products. D. increase in negative trade outcomes with that nation and finding customers who generally pay less for their products.
Which one of the following statements describes a disadvantage of operating a sole? proprietorship?
A. Sole proprietorships have fewer financial resources and fewer ways to get additional funds from lenders or investors. B. Sole proprietors are required to get approval from a business? partner, boss, or board of directors to change any aspect of their business strategy or tactics. C. Sole proprietors have less privacy and generally are required to report everything to others in the business. D. A sole proprietorship is difficult to establish and requires far more paperwork than do other structures. E. Income tax is a very complex matter for sole proprietorships compared with other forms.