In economics, the term "surplus" means an excess quantity supplied
a. True
b. False
Indicate whether the statement is true or false
True
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Producer surplus
A. is the difference between the minimum price producers are willing to accept for a product and the higher equilibrium price. B. is the difference between the maximum price consumers are willing to pay for a product and the lower equilibrium price. C. rises as equilibrium price falls. D. is the difference between the maximum price consumers are willing to pay for a product and the minimum price producers are willing to accept.
If bad weather destroyed half of the current coffee crop, ceteris paribus, it would:
a. increase the demand for coffee. b. decrease the demand for coffee. c. increase the demand for tea d. decrease the demand for tea.
Saving by households and businesses is called ________ saving.
A. private B. aggregate C. public D. national
The quantity of aggregate output demanded will fall if
A. the price level increases. B. net taxes are reduced. C. government spending increases. D. Aggregate supply increases.