Refer to Figure 4-3. If the market price is $3.00, what is Kendra's consumer surplus?
A) $6.50 B) $5.50 C) $2.50 D) $0.50
D
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Answer the following statement true (T) or false (F)
Which of the following is true of the gross domestic product (GDP) of a nation? a. It can be measured by the stock of consumer goods in a nation at a particular point in time
b. It can be measured by the stock of capital goods in a nation at a particular point in time. c. It can be measured either by calculating the total spending on production or the total income from that production. d. It is the sum of total spending on production and total income from that production. e. It can be measured from the stock of wealth in the nation.
The settlement account of the balance of payments
a. records how much foreigners paid U.S. citizens in interest. b. records how much the U.S. government collected in tariffs. c. explains how the balance-of-payments deficit or surplus was financed. d. explains how the trade surplus was distributed.
Imagine a $2,000 investment that raises the economy's capital stock from $20,000 to $22,000 . It changes the capital-labor ratio from $200 to $220 . Economists refer to such increases in the capital-labor ratio as
a. capital deepening b. capital accretion c. capital productivity d. capital-labor output shocks e. capital stockpiling