Economists typically measure efficiency using
a. the price paid by buyers.
b. the quantity supplied by sellers.
c. total surplus.
d. profits to firms.
c
You might also like to view...
Nominal GDP is calculated by using
A. prices set in a base year. B. average prices in all major cities. C. current prices. D. prices charged by initial producers.
Use the figure below to answer the following question. 
A movement along the supply schedule from point y to point x is associated with
A. diminishing marginal utility. B. diminishing marginal product. C. increasing marginal product. D. increasing marginal utility.
A quota will reduce consumer welfare when
A) the quota is less than the amount purchased without the quota. B) the quota is greater than the amount purchased without the quota. C) the quota is on a good with high income elasticity. D) Quotas always reduce consumer welfare.
Suppose the interest rate on six-month treasury bills is 7 percent per year in the United Kingdom and 4 percent per year in the United States. Also, today's spot exchange price of the pound is $2.00. If the price of the six-month forward pound is ________, U.S. investors would see no return difference between covered U.K. investment and domestic U.S. investment.
A. $1.94 B. $1.99 C. $1.97 D. $2.01