Consumer surplus, the net benefit that consumers get from market exchange, can be used to:
a. measure purchasing power of consumers.
b. measure market supply.
c. measure economic welfare.
d. measure economic growth.
c
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The government's holdings of foreign currency is recorded in the
A) money account. B) current account. C) currency account. D) official settlements account. E) capital and financial account.
In recent years, the world demand curve for copper shifted rightward due to continued economic growth in China and other emerging economies. Also, the costs of extracting the copper increased due to higher energy prices. As a result, we observed:
A) higher equilibrium copper prices and unambiguously lower quantities. B) higher equilibrium copper prices and unambiguously higher quantities. C) higher equilibrium copper prices and either higher or lower quantities. D) lower equilibrium copper prices and either higher or lower quantities.