Consumer surplus is the difference between the worth of a commodity to the consumer and the price the consumer pays for the commodity
a. True
b. False
Indicate whether the statement is true or false
True
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Use the figure below to answer the following question.
The diagram concerns supply adjustments to an increase in demand (D1 to D2) in the immediate period, the short run, and the long run. Supply curves S1, S2, and S3 apply to the
A. short run, long run, and immediate period respectively. B. long run, short run, and immediate period respectively. C. immediate period, long run, and short run respectively. D. immediate period, short run, and long run respectively.
When differences between nominal GDP and real GDP result due to price changes and nothing else is compared, an index is created called the
A) consumer price index. B) index of leading indicators. C) GDP deflator. D) inflation index.
If autonomous expenditures increased by $10 billion, what is the change in aggregate demand at a given price level if the MPC to consume is 0.8?
a. increase by $50 billion b. increase by $100 billion c. decrease by $100 billion d. decrease by $10 billion
The effects of the national health care program on labor markets will
A) increase the quantity supplied of labor. B) decrease the quantity supplied of labor. C) increase the quantity demanded for labor. D) decrease the quantity demanded for labor.