A surplus item is
A) the import of goods or services that is not needed by residents of a country.
B) the import or export of products that are by-products of the manufacturing of export goods.
C) any transaction that leads to a receipt by a resident of a country or its government.
D) any transaction that leads to a payment by a resident of a country or its government.
C
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If the market in the figure above is a profit-maximizing single-price monopoly, consumer surplus is the area ________
A) ABH B) BFGH C) ACG D) BCD E) ACE
If unrealized capital gains are not taxed, then individuals _____
a. have no incentive to own assets that are going to appreciate in value b. have little incentive to own assets that are going to appreciate in value c. have strong incentive to own assets that are going to appreciate in value d. have incentives to not sell assets that have appreciated in value
If the liberum veto is used in a policy-making setting, it means:
A. complete consensus is needed for legislation to pass. B. it is easy to halt policies, because only one person needs to be bribed to stop them. C. that government is an easy target for an area to become corrupt or taken advantage of. D. All of these are true.
Refer to the above graph. If this economy was an open economy without a government sector, the level of GDP would be:
A. $100 billion
B. $200 billion
C. $300 billion
D. $400 billion