Consumer surplus is to buyer well-being as ______is to seller well-being.
a. producer surplus
b. market price
c. tax rate
d. consumer awareness
a. producer surplus
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A natural experiment is an empirical study:
A) in which the predictions of the model are not required to be tested with data. B) in which some process, outside the control of the experimenter, has assigned subjects to control and treatment groups in a random or nearly random way. C) in which the researcher assigns subjects to control and treatment groups to verify a cause-effect relationshi
Consider two resource markets in which the demand curves slope downward. In market A, the supply curve is horizontal, equilibrium price is $6, and 100 units of the resource are hired. In market B, the supply curve is vertical, equilibrium price is $20, and 30 units of the resource are hired. Which of the following is true?
a. Total resource earnings are the same in both markets. b. Total resource earnings are greater in market A. c. Total resource earnings are greater in market B. d. There is more economic rent in market A. e. There is derived demand in market A, but not in market B.
Assume that the central bank purchases government securities in the open market. If the nation has low mobility international capital markets and a flexible exchange rate system, what happens to the real GDP and net nonreserve-related international borrowing/lending in the context of the Three-Sector-Model?
a. Real GDP falls, and net nonreserve-related international borrowing/lending becomes s more negative (or less positive). b. Real GDP rises, and net nonreserve-related international borrowing/lending becomes s more negative (or less positive). c. Real GDP falls, and net nonreserve-related international borrowing/lending becomes s more positive (or less negative). d. Real GDP and net nonreserve-related international borrowing/lending remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.
Countries are concerned about small changes in their average annual growth rates in per capita income because
A. the faster a country grows today, the less it will be able to consume in the future. B. growth rates are a factor in U.N. participation. C. growth rates tend to decline over time. D. the power of compounding means small changes have large effects over time.