Which of the following statements is TRUE?
A. A growing economy should see a decline in both absolute and relative poverty.
B. A growing economy should see a decline in relative poverty but not in absolute poverty.
C. A growing economy should see a decline in absolute poverty but not in relative poverty.
D. A growing economy is usually unrelated to changes in either absolute or relative poverty.
Answer: C
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Consumer surplus equals
A) producer surplus at a market equilibrium. B) marginal benefit minus price, summed over the quantity consumed. C) price minus marginal cost. D) the deadweight loss if there is underproduction. E) the deadweight loss plus the producer surplus.
Which of the following statements is CORRECT?
A) A firm does not need to take into account its sunk cost when making current decisions. B) Long-run decisions are easily reversed. C) Short-run decisions are not easily reversed. D) In the long run, a firm can change its plant but not the quantity of its labor.
In international trade, all payments and gifts that are related to the purchase or sale of both goods and services are referred to as the
A) current account. B) capital account. C) labor account. D) official reserve transactions account.
The reason why self-correction works to close a recessionary gap is because: a. a labor shortage causes wages to increase. b. a labor surplus causes wages to increase. c. a labor shortage causes wages to fall
d. a labor surplus causes wages to fall. e. a labor surplus causes price to fall.