Consumer surplus is:
a. the area underneath the demand curve
b. the total utility derived from consuming a good.
c. the marginal utility of the last unit consumed multiplied by the number of units consumed.
d. the difference between what consumers are willing to pay and what they are required to pay for a good.
d
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If the inflation rate target is 2%, the current inflation rate is also 2%, and the output gap is zero, then according to the Taylor rule, the nominal federal funds rate should be ________ percent
A) zero B) two C) four D) three E) none of the above
Which of the following would be example(s) of the resource cost of inflation?
a. Shopping several web sites to check prices b. Changing price tags c. Re-printing menus d. The wear and tear on your car from additional trips to the bank e. All of the above