The area between the market price and the demand curve provides a measure of:
a. consumer surplus
b. producer surplus.
c. consumer surplus plus producer surplus.
d. marginal utility.
a
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Domestic producers might oppose free trade agreements because
A. there could be a decrease in producer surplus. B. there could be an increase in consumer surplus. C. there could be an increase in producer surplus. D. there could be a decrease in consumer surplus.
An art museum decides to offer tours by having visitors listen to cassette tapes rather than have tour guides. The museum is answering the ________ part of one of the two big economic questions
A) "scarcity" B) "what" C) "why" D) "how"
The "rule of 70" is a simple rule
a. (70 divided by the growth rate) that approximates the number of years it will take for income to double at various growth rates. b. (70 multiplied by the growth rate) that approximates the number of years it will take for income to double at various growth rates. c. (70 divided by the percentage of population over age 70) that can be used to approximate a nation's growth of real GDP. d. (70 multiplied by the percentage of population over age 70) that can be used to approximate a nation's growth of real GDP.
A budget deficit is best defined as the
A. shortage of spending power created by a government spending cut. B. shortage of spending power created by a tax increase. C. accumulation of past debt that has not been covered by taxes. D. amount by which a government’s expenditures exceed receipts during a specific time period.