What is producer surplus? How is it different from consumer surplus?
Consumer surplus is the difference between what a consumer is willing and able to pay and what a consumer actually has to pay for a good or service. On the other hand, producer surplus is the difference between the price at which a supplier is willing and able to supply and the price a supplier actually receives for selling a good or service.
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Autonomous planned spending includes five components of which two are dependent on the interest rates. These are
A) government spending and autonomous tax revenue. B) the demand for exports and the demand for imports. C) autonomous consumption and planned investment. D) government spending and investment.
The most accurate quantitative time measure is:
a. Self-report or diary method b. Recall method c. Observation method d. A combination of all of the above methods to allow for cross checks.
The rapid spread of ATMs has:
A. resulted from changes in banking laws. B. increased the demand for bank tellers. C. reduced the demand for bank tellers. D. increased the hourly wage paid to bank tellers.
If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line. B. negatively sloped and "bowed inward" toward the origin. C. negatively sloped and "bowed outward" from the origin. D. a positively sloped straight line.