Consumer surplus is what one consumer is willing to pay for a commodity over what another consumer is willing to pay for the same commodity
a. True
b. False
Indicate whether the statement is true or false
False
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Use the following diagram to answer the next question.
In the diagram, solid arrows reflect real flows and broken arrows are monetary flows. Flow (4) might represent
A. the purchase of stealth bombers. B. personal income taxes. C. investment spending by private corporations. D. the services of NASA astrophysicists.
If a 2 percent rise in price leads to a 4 percent decrease in quantity demanded, then demand is
A) elastic and total revenue decreases. B) elastic and total revenue increases. C) inelastic and total revenue decreases. D) elastic, but we cannot tell what happens to total revenue without more information. E) Total revenue decreases but we cannot tell if the demand is elastic or inelastic without more information.
The above table shows the short-run total product schedule for the campus book store. What is the average product (AP) of the 4th employee?
A) 58 books sold B) 14.5 books sold C) 18 books sold D) 13.3 books sold
Most spells of unemployment are short, and most unemployment observed at any given time is short-term
a. True b. False Indicate whether the statement is true or false