Consumer's surplus can be written as
a. total expenditure ? total utility.
b. total utility ? total expenditure.
c. marginal utility ? marginal expenditure.
d. marginal expenditure ? marginal utility.
b
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Russia chose a slow approach to creating a private economy and China chose a fast approach
Indicate whether the statement is true or false
According to the graph shown, if this were depicting an autarky, the amount being bought domestically is:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. 60 at $10 each.
B. 60 at $17 each.
C. 115 at $14 each.
D. 150 at $10 each.
(I) When individuals engage in a voluntary exchange, both parties are made better off. (II) By channeling goods and resources to those who value them most, trade creates value and increases the wealth created by a society's resources.
What will be an ideal response?
What are the three basic economic questions each society must answer?
A. What to produce: how to produce: for whom to produce B. How much to produce: what quality to produce: and what price to sell at C. What to produce; how to much to produce, how to consume D. How much goes to government: how much goes to consumers; how much is exported