Consumer surplus is defined as
A. the value that the consumer places on a good over the amount they pay for it.
B. the money that the producer gets from a good over the amount they are willing to sell it for.
C. when quantity demanded is greater than quantity supplied.
D. when quantity supplied is greater than quantity demanded.
Answer: A
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Let MC be the marginal private cost per megawatt hour (Mwh) of producing electricity using coal. Let MSC be the marginal social cost per Mwh and T be the tax per Mwh. To achieve efficiency, the tax should be set so that
A) MC = MSC + T. B) MSC = MC + T. C) MC + MSC = T D) MC = T.
If the government finances an increase in government purchases with an increase in taxes, which of the following would you expect to see?
A) a decrease in the interest rate B) a decrease in aggregate demand C) an increase in the exchange rate D) an increase in net exports
United States net unilateral transfers have been
a. positive every year since 1950 b. negative every year since 1950 c. positive every year since 1950 except 1991, during the Persian Gulf War d. negative every year since 1950 except 1991, during the Persian Gulf War e. positive about half the time and negative about half the time since 1950
Most countries in the world have Gini coefficients ranging from:
A. 0.20 to 0.85. B. 0.25 to 0.60. C. 0.10 to 0.50. D. 0.30 to 0.40.