In the market for Canadian dollars measured in US dollars, the demand for Canadian dollars is
a. The supply of Canadian dollars
b. The demand for US Dollars
c. The supply of US dollars
d. None of the above
c
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Compared to other countries, the United States has a relatively low share of consumption spending in GDP
Indicate whether the statement is true or false
Consumer's surplus
a. is the gap between total willingness to pay and the total market value of a good. b. guarantees that the market value of a good in money is equal to the total economic value of the good. c. is always negative because of diminishing marginal utility. d. is the total area under a consumer's demand curve.
In order to calculate consumer surplus in a market, we need to know willingness to pay and price
a. True b. False Indicate whether the statement is true or false
Economic games can be used to analyze decisions around which of the following situations?
A. Environmental protection B. War C. Business D. All of these situations.