Comparing State economies to that of the US as a whole shows that
a) about half the States are in recession at any point in time
b) when the US enters a recession, about 20% of the States experience economic expansion, and vice versa
c) there is very little correlation between the national and regional economies
d) there is a highly positive correlation between the national economy and most State economies
e) the 12 Federal Reserve districts experience business cycles independently of each other
d) there is a highly positive correlation between the national economy and most State economies
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If the number of automobile manufacturers decreases
A) the supply of automobiles increases. B) the demand for automobiles increases. C) the demand for automobiles decreases. D) the supply of automobiles decreases.
Consumers' willingness to pay for a good minus the amount they actually pay for it equals
a. consumer surplus. b. consumer benefit. c. price discriminant. d. deadweight loss.