One of the key economic questions is "who consumes the products?"
Answer the following statement true (T) or false (F)
True
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________ is the difference between the willingness to pay and the price paid for a good
A) Producer surplus B) Consumer surplus C) Seller's profit D) Revenue
Draw a saving—investment diagram to show how each of the following changes shifts the IS curve
(a) Future income rises. (b) The future marginal productivity of capital increases. (c) Government purchases decrease temporarily. (d) The effective corporate tax rate increases.
The money creation formula is oversimplified because it assumes that
a. every recipient of a bank loan will redeposit the proceeds in another bank. b. loan recipients will not take any of the proceeds in cash. c. every bank lends out all excess reserves. d. All of the above are correct.
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
According to the graph shown, if the economy were open to free trade, the domestic quantity supplied would:
A. drop from 815 to 500. B. increase from 250 to 500. C. increase from 815 to 1500. D. drop from 815 to 250.