The process by which resources are transformed into useful forms is
A. capitalization.
B. production.
C. consumption.
D. allocation.
Answer: B
Economics
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Which of the following occurs when an economic activity has a spillover benefit on third parties not engaged in the activity?
A) An economic profit B) A positive externality C) A gain in producer surplus D) A gain in consumer surplus
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If the price of a product increases:
A. Consumer surplus will decrease B. Consumer surplus will increase C. Total revenue will definitely increase D. Total revenue will definitely decrease
Economics