The amount that individuals would have been willing to pay, minus the amount that they actually paid, is called:
a. producer surplus.
b. consumer surplus.
c. total surplus.
d. demand surplus.
b. consumer surplus.
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The fiscal agent for the U.S. federal government is
A) the United States Treasury. B) the Internal Revenue Service. C) the Comptroller of Currency. D) the Federal Reserve System.
Which of the following is not true about The American Recovery and Reinvestment Act of 2009:
A. it is more commonly known as the "stimulus plan." B. it Increased government spending. C. it included tax cuts. D. It privatized social security system.
A positive externality occurs when
a. Jack receives a benefit from John's consumption of a certain good. b. Jack receives personal benefits from his own consumption of a certain good. c. Jack's benefit exceeds John's benefit when they each consume the same good. d. Jack's receives a loss from John's consumption of a certain good.
How does the income distribution in the United States compare to other developed countries?
A. The income distribution is vastly more unequal in the United States compared to other developed countries. B. The income distribution must be the same in all developed countries, the United States included, because of increased globalization. C. The income distribution is vastly more equal in the United States compared to other developed countries. D. The income distribution tends to be more unequal in the United States compared to other developed countries, but not by a huge amount. E. The income distribution tends to be more equal in the United States compared to other developed countries, but not by a huge amount.