For social surplus to be maximized, the ________ buyers are actually making a purchase and the ________ sellers are selling the products
A) lowest-value; highest-cost
B) highest-value; lowest-cost
C) highest-value; highest-cost
D) lowest-value; lowest-value
B
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If the economy is at full employment, then the inflation rate
A) is less than the expected inflation rate. B) is equal to zero. C) can be anywhere on a short-run Phillips curve. D) is equal to the expected inflation rate. E) exceeds the expected inflation rate.
When the government uses taxes and spending to affect national economy, it is engaging in:
a. fiscal policy. b. monetary policy. c. interest rate policy. d. trade policy. e. exchange rate policy.
Assume that net exports are -$340, private investment is $1500, tax revenues are $800, government purchases are $2000 . and GDP - using the expenditure approach - is $9,000 . In this case, consumption expenditures must be
a. $1,840 b. $12,960 c. $5,840 d. $4,360 e. $5,160
When the government institutes a target price,
A) a surplus is created. B) consumers must pay the target price. C) the farmer receives a deficiency payment if the market price is below the target price. D) the farmer receives a deficiency payment if the market price is above the target price. E) all of the above