Willingness to pay
a. measures the value that a buyer places on a good.
b. is the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept.
c. is the maximum amount a buyer is willing to pay minus the minimum amount a seller is willing to accept.
d. is the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.
a
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When the rate of cyclical unemployment is zero, the:
a. natural rate of unemployment must also be zero. b. rate of frictional unemployment must be negative. c. economy must have entered a recessionary stage. d. Keynesian aggregate supply curve must be horizontal. e. economy is considered to be at full employment.
In an open economy, the source for the demand for loanable funds is
a. national saving. b. national saving + net capital outflow. c. investment d. investment + net capital outflow
If a government wishes to limit or prohibit fluctuations in exchange rates, it will choose:
a. to fix, or peg, the value of its currency to some base currency over a sustained period. b. to allow its currency to rise or fall in price, depending on a variety of supply and demand factors. c. to suspend purchases and sales of its currency. d. to allow the rate to be set by international banks.
Why is the Chair of the Fed Reserve considered by many to be the most powerful person in the economic world?
What will be an ideal response?