Liam is willing to cut lawns for a minimum of $200 a week. He is, however, paid $250 for the same service by a lawn maintenance company. This is an example of
a. consumer surplus.
b. employment discrimination.
c. producer surplus.
d. the derivation of accounting profit.
C
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A deadweight loss occurs when the market is functioning efficiently
Indicate whether the statement is true or false
The difference between nominal and real interest rates is that
A) nominal interest rates are measured in terms of a country's output, while real interest rates are measured in monetary terms. B) nominal interest rates are measured in monetary terms, while real interest rates are measured in terms of a country's output. C) nominal interest rates can fluctuate, while real interest rates always remain fixed. D) real interest rates can fluctuate, while nominal interest rates always remain fixed. E) real interest rates are the same in every country, while nominal interest rates are different for every country.
Between 1929 and 1982, according to Edward Denison, approximately
a. one-fourth of the growth in output was due to the increase in the quantity of labor. b. one-third of the growth in output came from an increase in the quantity of labor. c. forty-five percent of the growth in output was credited to an increase in the quantity of labor. d. ten percent of the growth in output was responsible for the increase in the quantity of labor.
Starting from long-run equilibrium, an increase in autonomous consumption results in ________ output in the short run and ________ output in the long run.
A. higher; higher B. higher; potential C. lower; higher D. lower; potential