Which of the following statements is not true?
A) Consumer surplus measures the difference between the highest price a consumer is willing to pay for a product and the price she actually pays.
B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product.
C) Consumer surplus measures the net benefit from participating in a market.
D) Producer surplus measures the total benefit received by producers from participating in a market.
Answer: D
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When the natural unemployment rate increases, the short-run Phillips curve ________ and the long-run Phillips curve ________
A) shifts rightward; shifts rightward B) does not shift; shifts leftward C) shifts rightward; does not shift D) shifts leftward; does not shift E) shifts leftward; shifts rightward
In events leading to the housing bubble, investment banks on Wall Street made money through the housing market by:
A. buying as many loans as possible to create mortgage-backed securities. B. relying on banks to sell as few high-risk mortgages as possible. C. ensuring local banks were making good loans. D. offering low interest loans to those with very good credit.
___________ markets like Hawaii and Florida tend to have more stable prices, while ___________-oriented destinations like Washington, D.C., and Chicago have more price volatility
Fill in the blank(s) with the appropriate word(s).
During the colonial period,
(a) both men and women married on average during their teenage years. (b) women married on average during their teenage years and men during their early 20s. (c) both men and women married on average at ages between 20 and 25. (d) both men and women married on average during their late 20s.