The expenditure approach to measuring GDP is done by using data on only
A) consumption expenditure.
B) consumption expenditure and investment.
C) consumption expenditure, investment, government expenditure on goods and services, and net exports of goods and services.
D) consumption expenditure, investment, and government expenditures.
E) wages, rent, interest, and profit.
C
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Consumer surplus
A) is the difference between what a consumer pays for a good and the producer's cost. B) is the extra money a consumer pays above the minimum necessary price for the producer to produce it. C) is the difference between what a consumer would willingly pay for a good and the price actually paid. D) equals zero in the long run.
Suppose there are 100 identical firms producing package delivery services. One of the firms finds that when it has to pay a wage rate of $7, it hires 20 delivery people. The firm charges an average price of $10 to deliver a package. From this information, we know that the package delivery industry is hiring a total of:
a. 100 workers. b. 200 workers. c. 700 workers. d. 2,000 workers. e. 10,000 workers.