The aggregate demand of a country is the summation of consumption, investment, government spending, and net exports
a. True
b. False
Indicate whether the statement is true or false
True
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Rare earth metals are used to manufacture some important electronic components in popular products like cell phones. These metals are not really rare, but they are expensive to extract from the ground
What happens to the market for the rare earth metals if these extraction costs increase? A) Demand curve shifts leftward B) Demand curve shifts rightward C) Supply curve shifts leftward D) Supply curve shifts rightward
Total surplus equals:
a. consumer surplus + producer surplus ? deadweight loss. b. consumer surplus ? producer surplus ? deadweight loss. c. consumer surplus ? producer surplus + deadweight loss. d. consumer surplus + producer surplus.
Price and total revenue move in opposite directions when demand is inelastic
Indicate whether the statement is true or false
Progressive income tax structures are based on interpersonal comparisons of burden
Indicate whether the statement is true or false