A consumer's willingness to pay directly measures
a. the extent to which advertising and other external forces have influenced the consumer's preferences.
b. the cost of a good to the buyer.
c. how much a buyer values a good.
d. consumer surplus.
c
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In Figure 5-19, the consumer experiences at point C
A. greater total utility than at point D. B. greater total utility than at point E. C. less total utility than at point D. D. total utility equal to that experienced at point D.
Dollar depreciation raises United States Real GDP when the __________ shift of the AD curve exceeds the _________________ shift of the SRAS curve
A) rightward; rightward B) rightward; leftward C) leftward; rightward D) leftward; leftward
Some economists talk about a nonaccelerating inflation rate of unemployment (NAIRU). The term the text uses for this concept is:
A. cyclical unemployment. B. the supernatural rate of unemployment. C. structural unemployment. D. the target rate of unemployment.
Decreases in taxes shift the aggregate demand curve to the right.
Answer the following statement true (T) or false (F)