Suppose Raymond and Victoria attend a charity benefit and participate in a silent auction. Each has in mind a maximum amount that he or she will bid for an oil painting by a locally famous artist. This maximum is called
a. deadweight loss.
b. willingness to pay.
c. consumer surplus.
d. producer surplus.
b
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From the late 1930s until the early 1970s, courts tended to follow per se rules when deciding antitrust cases. According to these rules,
a. a firm's control of a large market share was considered intrinsically illegal. b. the existence of only one or two firms in an industry was not necessarily an antitrust violation. c. both market share and predatory practices must be considered in determining whether a firm had violated the law. d. the court should only intervene if the firm charged "unfair" prices.
In the long run, inflation results from increases in a nation's money supply that exceed increases in its output of goods and services
a. True b. False Indicate whether the statement is true or false
Which of the following could produce the result indicated by the arrow in the Actual & Potential GDP graph? Check all that apply.
a. An increase in Consumer Spending
b. A decrease in Government Spending
c. An Increase in Taxes
d. A decrease in the money supply
e. An increase in Investment Spending
f. A decrease in Consumer Spending
GDP is the market value of:
A. national income distributed to producers, consumers, and investors in an economy. B. economic resources used in the production of annual output in an economy. C. all final goods and services produced in an economy in a given year. D. consumption and investment spending in an economy in a given year.