Suppose GDP is $4,000 billion and aggregate expenditure is $3,750 billion. Inventories will
a. increase by $250 billion
b. increase by $375 billion
c. increase by $400 billion
d. decrease by $250 billion
e. decrease by $375 billion
A
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When a binding price floor is imposed on a market for a good, some people who want to sell the good cannot do so
a. True b. False Indicate whether the statement is true or false
Based on this producer surplus graph, which unit gives the firm the greatest producer surplus?
a. the first
b. the second
c. the third
d. the fourth
The 45° line on a Lorenz curve represents
A. complete income inequality. B. complete wealth equality. C. complete wealth inequality. D. complete income equality.
________ is a good measure of what society gives up by using resources to produce more of a good or service.
A. Marginal cost B. Total cost of production C. Marginal revenue product D. Marginal revenue