What is the amount that individuals would have been willing to pay, minus the amount that they actually paid?
a. efficiency
b. consumer surplus
c. social surplus
d. deadweight loss
b. consumer surplus
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
The figure above shows the market for fast food restaurant employees in a college town in a small nation to the East. The local Taco Bell pays its workers $12 an hour. This wage rate is
A) designed reduce the unemployment rate. B) an effort to increase the demand for labor. C) illegal because the equilibrium wage rate is $6 an hour. D) an efficiency wage aimed at reducing employee turnover. E) the actual equilibrium wage rate.
Financial crises in advanced economies might start from a
A) debt deflation. B) currency crisis. C) mismanagement of financial innovations. D) currency mismatch.
In which country is the central bank more independent than the Federal Reserve?
A) Germany B) Japan C) Great Britain D) All of the above.