Total surplus is defined as
A) consumer surplus + producer surplus.
B) consumer surplus - producer surplus.
C) another word for profit.
D) another word for total revenue.
A
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Refer to Table 2-4. Assume Dina's Diner only produces sliders and hot wings. A combination of 20 sliders and 60 hot wings would appear
A) along Dina's production possibilities frontier. B) inside Dina's production possibilities frontier. C) outside Dina's production possibilities frontier. D) at the vertical intercept of Dina's production possibilities frontier.
From 1970 to 2010, the poverty rate in East Asia rose slightly but the level of poverty in sub-Saharan Africa fell dramatically
Indicate whether the statement is true or false
What is the main function of leading indicators?
a. They provide information about the direction in which an economy might be moving in the short term future. b. They reveal important structural deficiencies in an economy and are therefore useful for predicting long-term economic growth potential. c. The index of leading indicators is the key measure of a nation's economic growth and development. d. They show how to correct economic recessions and/or hyperinflation. e. Leading indicators are exclusively used by central bankers to help them determine the monetary base.
The income effect of a price change is:
A. always consistent with the Law of Demand. B. never consistent with the Law of Demand. C. consistent with the Law of Demand only for normal goods. D. consistent with the Law of Demand only for inferior goods.