Producer surplus is the amount a seller receives for a good or service
Indicate whether the statement is true or false
FALSE
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The long-run average annual growth of real GDP per person is the United States is approximately ________ percent.
A. one B. seven C. five D. two
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
Which of the following is true of the antitrust laws in the United States? They are
A) designed to make the business environment more equitable. B) designed to promote a competitive economy. C) deliberately written in a way to make clear to all what is and what is not allowed. D) deliberately written in a language to promote cooperation among businesses.
Production possibilities frontiers curve when they are charted on a graph because they show:
a) the underutilization of resources b) the maximum output of goods and services c) the increasing costs resulting in increasingly less output d) the technological level of the economy's productivity