Thinks about your own purchases. Consumer surplus
a. exists only rarely
b. exists on every purchase that a consumer makes
c. never exists—it's only a theoretical concept
d. is received only if a good generates a utility higher than expected
e. is earned on many of the purchases a consumer makes
E
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From the Keynesian perspective, when during a recession the quantity supplied is greater than the quantity demanded in the market for some goods and services, there is
A) a decline in potential GDP. B) a decline in potential GDP relative to real GDP. C) a decline in real GDP relative to both nominal GDP and potential GDP. D) a decline in real GDP relative to potential GDP.
Two corporations (TruBlu and FlyByNight) issue perpetuities that both pay $1,000 per year, but the market price of the FlyByNight bonds are much lower
The difference in the bond prices may reflect the belief that the bonds issued by FlyByNight are ________ risky when compared to the TruBlu bonds. A) less B) more C) equally D) none of the above
The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
If both Art and Silvia worked full-time producing beef, how many pounds of beef can they produce per year?
A. 2,000 pounds B. 4,000 pounds C. 8,000 pounds D. 6,000 pounds
Which of the following will cause an increase in U.S. gross exports?
A. An increase in U.S. consumer income. B. An increase in foreign consumer income. C. A decrease in foreign business income. D. A decrease in foreign business investment.