The decrease in social surplus from a market distortion is referred to as:
A) deadweight loss.
B) market loss.
C) revenue loss.
D) Pareto loss.
A
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Suppose the base reference period is 1982-1984. If your nominal wage rate is $8.00 per hour when the CPI is 180, what is your real wage rate in 1982-1984 dollars?
What will be an ideal response?
Assume that in the economy real GDP grows at a constant rate. There has just been a decrease in the rate of growth of the population. This implies that the
A) rate of growth of per capita real GDP will decrease. B) rate of growth of per capita real GDP will increase. C) rate of growth of capital accumulation will decrease. D) rate of growth of capital accumulation will increase.
In sequential games, an especially important part of strategic behavior is to:
A. "think backward, work forward." B. "think forward, work backward." C. "think forward, act backward." D. "think backward, act forward."
The median voter must have preferences that reflect those of all people in the community.
A. True B. False C. Uncertain