The difference between the price a producer receives for a product and the minimum amount a producer is willing to accept for that product is:
A. the market demand for a product.
B. consumer surplus.
C. perfect competition surplus.
D. producer surplus.
Answer: D
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The Phillips curve relates the inflation rate to
a. the unemployment rate. b. GDP. c. disposable personal income. d. the interest rate.
Unemployment compensation payments:
a. fall during periods of prosperity and thus reduce federal budget deficits. b. fall during periods of prosperity and thus increase federal budget deficits. c. fall during recessions and thus increase the problem of unemployment. d. rise during periods of prosperity and thus increase federal budget deficits. e. rise during recessions and thus increase the problem of unemployment.
With respect to controlling the money supply, the law requires the Fed to take orders from:
a. the President. b. the Speaker of the House. c. the Secretary of the Treasury. d. no one?the Fed is an independent agency.
Using the aggregate demand- aggregate supply model, an increase in government spending...
What will be an ideal response?