Consumer surplus is
A. equal to the amount consumers pay for a good.
B. the value consumers get from a good but do not pay for.
C. the value consumers do not pay because of a discount by supplier.
D. the value consumers get from a supplier.
Answer: B
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In an economy with no income taxes or imports, the marginal propensity to consume is 0.80. The expenditure multiplier is
A) 1.25. B) 10.0. C) 0.80. D) 5.00. E) 0.20.
In the above figure, the average total cost curve is curve
A) A. B) B. C) C. D) D.
The production possibilities curve shifts outward when
A) the law of increasing additional cost takes hold. B) the economy is producing efficiently. C) we produce more consumption goods over productive investment in equipment. D) there is an increase in resources or technology.
In principle, exchange rates are for currencies what
a. the price of apples are for apples b. the current account is for the balance of payments c. surpluses on current account are for deficits on current account d. currencies are for capital accounts e. capital accounts are for current accounts