The additional benefit to a consumer from consuming one more unit of a good or service
A) is equal to consumer surplus.
B) is equal to the opportunity cost of consuming the good or service.
C) is equal to marginal benefit.
D) is equal to economic surplus.
Answer: C
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A change in the price level will cause a shift in the expenditure schedule.
Answer the following statement true (T) or false (F)
The basic conservative solution to welfare dependency is _____________________.
Fill in the blank(s) with the appropriate word(s).
The smaller the slope of the aggregate planned expenditure (AE) curve, the
A) larger are imports. B) smaller the multiplier. C) larger the multiplier. D) larger are exports. E) larger is the marginal tax rate.
When a rent ceiling is imposed in a housing market, the opportunity cost of housing equals the
A) rent. B) market equilibrium rent that would prevail in the absence of a rent ceiling. C) value of the time and resources spent searching plus the rent. D) consumer surplus.