Approximately _____ percent of state and local spending in 2007 was for the purchase of goods and services

At the start of a cost-push inflation,

A) the price level rises and real GDP does not change. B) the price level remains constant and real GDP increases. C) the price level rises and real GDP decreases. D) the price level remains constant and real GDP decreases. E) the price level and real GDP both increase.

Producer surplus measures the

a. benefits to sellers of participating in a market. b. costs to sellers of participating in a market. c. price that buyers are willing to pay for sellers' output of a good or service. d. benefit to sellers of producing a greater quantity of a good or service than buyers demand.