When there is a technological advance in the pork industry, consumer surplus in that market will
a. increase.
b. decrease.
c. not change, since technology affects producers and not consumers.
d. not change, since consumers' willingness to pay is unaffected by the technological advance.
a
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Refer to Table 8-11. Nominal GDP for Tyrovia in 2016 equals
A) $1,140. B) $880. C) $690. D) $560.
The current chair of the Board of Governors of the Federal Reserve System is
A) Janet Yellen. B) Alan Greenspan. C) Ben Bernanke. D) Paul Volcker.
Which of these changes is likely to follow when the Fed purchases U.S. government securities? a. Aggregate demand will decrease
b. The demand for financial securities will increase. c. Rate of interest will increase. d. Planned investment spending will increase. e. Real GDP will decrease.
Inefficient resource allocation is a major problem with monopolies.
Answer the following statement true (T) or false (F)