Economists typically measure efficiency using
a. the price paid by buyers.
b. the quantity supplied by sellers.
c. total surplus.
d. profits to firms.
c
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In the U.S. economy, the effect on federal tax revenues and spending of an increase in the unemployment rate is to:
a. cut tax revenues and raise expenditures. b. cut expenditures and raise tax revenues. c. raise both tax revenues and expenditures. d. cut both expenditures and tax revenues.
Two factors are affecting the domestic auto industry: (1) an increase in cheap Korean imports (2) an increase in the cost of materials. What can we say about equilibrium price and quantity of domestic autos?
A. Equilibrium price will fall. B. Equilibrium quantity will fall. C. Equilibrium price will rise. D. The answer cannot be determined from the information given above.