Which of the following is an example of consumer surplus?
A) Jose buys a hamburger for $2 and tells you he would not have paid a penny more.
B) John believes the price he paid for his computer was too high.
C) Mary buys a paper tablet for $2 and finds the same good at another store for $1.50.
D) Sue would have paid $15 for a new compact disc but paid only $10.
E) Anne finds a mountain bike for which she is willing to pay a maximum of $550 and the price of the bike is $600.
D
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Refer to the information above. What will be the equilibrium level of GDP if taxes are reduced by 10?
A) 460 B) 470 C) 510 D) 520
The process of entry and exit into a monopolistically competitive market causes:
A. the firm's demand curve to shift left and/or right. B. the firm's supply curve to shift left and/or right. C. the firm's average total cost curve to shift left and/or right. D. the firm's marginal cost curve to shift straight up and/or down.
What is the difference between Nominal GDP and Real GDP?
a. Real GDP only measures the production of real goods and excludes services of any kind. b. Real GDP is a figure adjusted for exchange rate differences among countries. c. Real GDP is a figure adjusted for inflation. d. There is no difference at all. Real GDP is a synonym for Nominal GDP. e. Real GDP measures goods and services produced within a nation's borders, and nominal GDP measures goods and services produced by domestic resources anywhere in the world
Historically, many businesses have preferred specialized task assignment for employees over broad task assignments. Why has this been the case?
What will be an ideal response?