Situation in which quantity supplied is greater than quantity demanded:
a. rationing
b. price floor
c. excess demand
d. surplus
e. equilibrium
Ans: d. surplus
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The consumer acquires a consumer surplus on a good if the marginal benefit is
A) equal to the price. B) greater than the price. C) less than the price. D) zero. E) less than the marginal cost.
When two companies that produce the same product merge, it is called a
A) conglomerate merger. B) diagonal merger. C) horizontal merger. D) vertical merger.
Specializing and participating in international trade allows and economy to:
a. divert high-skilled resources toward low-valued services b. circumvent the output limits imposed by its own production possibilities curve c. get more of a desired good by sacrificing greater amounts of some other good d. increase the quantities of capital and consumer goods available to society
To compare the change in physical production (GDP) between 2010 and 2016, we should compare ________ GDP in 2010 with ________ GDP in 2016.
A. nominal; nominal B. real; real C. real; nominal D. current dollar; current dollar