Generally there is an inverse relationship between the level of savings and the level of long-term economic growth
a. True
b. False
Indicate whether the statement is true or false
False
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The area above the supply curve and below the market price represents:
a. the consumer surplus b. the producer surplus. c. the deadweight loss of the producer. d. the deadweight loss of the consumer.
The highest price you are willing to pay for a pair of jeans is $20 . However, you are able to purchase it for $14 . This implies $6 is the producer surplus
Indicate whether the statement is true or false
The law of demand says that
a. the customer is always right b. quantity supplied equals quantity demanded c. price and quantity supplied are inversely related d. price and quantity demanded are inversely related e. income and quantity demanded are directly related
If the spending multiplier is 3 and the desired amount of increase in real GDP is $270 billion, then by how much would government spending have to increase?
a. $270 billion b. $90 billion c. $30 billion d. $10 billion