Total benefits minus total cost equals:
A. gross benefit.
B. marginal benefit.
C. net benefit.
D. incremental benefit.
C. net benefit.
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A rise in the price level ________ the buying power of money and ________ the quantity of real GDP demanded
A) does not affect; does not change B) raises; decreases C) does not affect; increases D) lowers; decreases E) lowers; increases
Which of the following best exemplifies a deadweight cost?
A) Eating something in a restaurant you don't really want because you have already paid for it. B) Paying for something in a restaurant but not eating it. C) Refusing dessert in a restaurant although it is included in the price of the meal. D) Tipping the waiter even though he gave slow, surly, and inattentive service. E) Waiting twenty minutes for a table to become available in a restaurant.