A tax that reduces economic efficiency is always bad policy

Graphically, the producer surplus for a given demand curve is the total area: a. below the marginal social cost curve and above the market price. b. above the supply curve and below the market price

c. below the demand curve and above the supply curve. d. below the private cost curve and above the market price.

If nominal Gross Domestic Product (GDP) is $5 trillion and velocity is 5, then

A. actual money balances held by the nonbanking public are $1 trillion. B. actual money balances held by the nonbanking public are $5 trillion. C. real Gross Domestic Product (GDP) equals $100 trillion. D. real Gross Domestic Product (GDP) equals $500 trillion.