The concept of surplus can:
A. show the benefits of introducing new markets.
B. show who benefits from a tax.
C. show who loses from minimum wage.
D. show any of these.
D. show any of these.
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Suppose shoppers typically pay twice as much for frozen "convenience" foods compared to similar dinners they could prepare themselves. An economist would say
A) the purchase is inefficient because the consumer doesn't really need to pay twice as much for essentially the same dinner. B) the purchase is inefficient because the frozen dinner is of even lower quality than the homemade dinner, yet twice as expensive. C) the purchase is efficient if the consumer feels the savings in preparation time justifies the higher price. D) the purchase is efficient, but the consumer is still probably behaving irrationally.
In order to compute national income from GDP,
a. national income is first calculated, and then depreciation of capital and indirect business taxes are subtracted from it to get GDP. b. GDP is first calculated, and then gross private domestic investment is subtracted from it to get national income. c. GDP is first calculated, and then capital depreciation and proprietors' income are subtracted from it to get national income. d. GDP is first calculated, and then depreciation of capital is subtracted from it to get national income.