Which of the following is not equal to total surplus?
a. consumer surplus - producer surplus
b. buyers' willingness to pay - sellers' costs
c. value to buyers - amount paid by buyers + amount received by sellers - cost to sellers
d. value to buyers - cost to sellers
a
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It is true that __________ changes in velocity cause __________ changes in real GDP
A) small; no B) large; no C) small; large D) large; small
Capital rationing refers to
A) setting a minimum acceptable rate of return for a capital outlay. B) selecting among profitable capital outlays when there are constraints on the funds available. C) determining the maximum price to pay for a capital product. D) None of the above
Which of the following shifts the ATC curve upward at the XYZ Co?
A) an increase in the hourly wage that XYZ pays its workers B) a decrease in the hourly wage that XYZ pays its workers C) an increase in the fixed amount of liability insurance premiums that XYZ pays for its business D) Both answers A and C are correct.
An ad valorem tax is
A. given as a proportion of the price. B. Latin for "buyer beware." C. identical to a unit tax. D. computed using the "inverse taxation rule."