When measuring economic growth, economists typically focus on per capita real GDP in order to account for variations in the:
a. size of the population
b. price level
c. quality of goods and services
d. both (a) and (b) above
d
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A change in demand is said to take place when there is a
A) shift of the demand curve. B) shift of the supply curve. C) price change. D) movement along the demand curve. E) quantity change.
Dan owns an autographed copy of a Brittany Spears CD that he values at $100. If he sells the CD at the garage sale he's planning to hold in a few weeks, it will be sold to a buyer with a reservation price of $175. If he sells it on eBay, it will be sold to a buyer with a reservation price of $500. eBay will charge Dan $50 to auction the CD, which just covers eBay's opportunity cost of running the auction. Relative to selling the CD at his garage sale, auctioning the CD on eBay will lead:
A. total economic surplus to increase by $100. B. total economic surplus to increase by $500. C. to no change in total economic surplus. D. total economic surplus to increase by $275.