The federal budget deficit and the trade balance are often referred to as the

Total consumer surplus in a market is measured as the

A) area bounded above the market clearing price and beneath the market demand curve. B) area bounded below the market clearing price and above the market supply curve. C) vertical distance from the horizontal (quantity) axis to the market clearing price. D) horizontal distance from the vertical (price) axis to the equilibrium quantity.

A fact based on observable phenomenon that is not influenced by differences in personal opinion is called

a. an objective concept. b. a subjective concept. c. an unintended consequence. d. ceteris paribus.