Gross domestic product is the value of all final goods and services produced within a country during a given period of time
a. True
b. False
Indicate whether the statement is true or false
True
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Consumer surplus in a market for a product would be equal to ________ if the market price was zero
A) zero B) the area under the demand curve C) the area between the supply curve and the demand curve D) the area above the supply curve
If a country adopts another country's currency, it is called
A) dollarization. B) a crawling peg. C) a dirty float. D) monetary order.
Other things held constant, after some point hiring additional units of labor will cause the marginal physical product of labor to decline because
A) the firm is a price taker. B) the wage rate increases when additional workers are hired. C) of the law of diminishing marginal product. D) the supply of labor is perfectly elastic.
Why does nearly every purchase you make provide you with consumer surplus?
A. Because most consumers who trade in a market have a willingness to pay lower than the price, this means that few trades in a market provide consumer surplus. B. Because most consumers who trade in a market have a willingness to pay greater than the price, this means that most trades in a market provide consumer surplus. C. Most of the goods that a consumer purchases are expensive. Because these purchases are expensive, consumer surplus is very high. D. Most of the goods that a consumer purchases are inexpensive. Because these purchases are inexpensive, the consumer is provided with consumer surplus.