The total amount of consumer surplus in a market is equal to the area below the demand curve
Indicate whether the statement is true or false
FALSE
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According to Keynesian economics, if there are unutilized resources in the economy and aggregate demand increases
A) real GDP will fall and price level will remain constant. B) real GDP will rise and price level will remain constant. C) real GDP will rise and price level will fall. D) real GDP will rise and price level will rise.
Microsoft's purchase of a factory in Mexico is entered into the U.S. balance of payments accounts as a
A) positive entry in the capital and financial account. B) positive entry in the current account. C) negative entry in the settlements account. D) negative entry in the capital and financial account. E) negative entry in the current account.
What is typically used for cross country comparisons of GDP?
a. purchasing power parity (PPP) b. exchange rate c. GDP per capita d. GDP
When an economy's resources are not fully employed, then it must be true that the:
A. production point is located outside and to the right of the production possibilities curve. B. production point is located along the production possibilities curve. C. production point is located inside and to the left of the production possibilities curve. D. production possibilities curve shifts to the left.