What is the total surplus of a market?
A. the sum of consumer surplus and producer deficit
B. the sum of consumer surplus and producer surplus
C. the difference between the consumer surplus and producer surplus
D. the difference between the highest price that a consumer is willing to pay and the lowest price that a producer is willing to sell
Answer: B
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Please use a figure to discuss whether or not a devaluation under a fixed exchange rate has the same long-run effect as a proportional increase in the money supply under a floating rate
What will be an ideal response?
If nominal GDP for 2009 is $6400 billion and real GDP for 2010 is $6720 billion (in 2009 dollars), then the growth rate of real GDP is
A) 0%. B) 0.5%. C) 5%. D) 50%.
Which of the following is an example of a transaction cost?
a. fees for attorneys negotiating the agreement b. the damage done to the environment by a negative spillover c. the money transferred between parties to purchase equipment d. taxes collected on the goods whose production causes pollution
If your taxable income was $40,000 and you paid $3,000 in federal income tax, what was your average tax rate?
Fill in the blank(s) with the appropriate word(s).