Which of the following statements best describes excess supply, or surplus?
a. The area between the supply and demand curves above the equilibrium point is called excess supply, or surplus.
b. The area between the supply and demand curves below the equilibrium point is called excess supply, or surplus.
c. The area between the supply and demand curves to the right of the equilibrium point is called excess supply, or surplus.
d. The area between the supply and demand curves to the left of the equilibrium point is called excess supply, or surplus.
a. The area between the supply and demand curves above the equilibrium point is called excess supply, or surplus.
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The payment received by suppliers of entrepreneurial skills is called profit
Indicate whether the statement is true or false
Which of the following relationships is most likely to exhibit zero correlation?
A) The relationship between the amount received as unemployment benefits in China and the unemployment rate in Canada B) The relationship between education and income C) The relationship between income and savings D) The relationship between wind velocity and rotational speed of wind turbines
The number of times per year that a dollar is spent on final goods and services defines
A) the income velocity of money. B) the money supply. C) the price index. D) GDP.
If the supply curve for land was a vertical line, then any payment made for land would be considered
A) as economic rent. B) as economic lease. C) as economic interest. D) as an opportunity lease payment.