Four people each have a different willingness to pay for one unit of a good: George will pay $15, Glen will pay $12, Tom will pay $10, and Peter will pay $8. If price decreases from $9 to $8 then the consumer surplus from this unit will increase by

National economic policies are usually set by the local government in the U.S., making it the focus of economic discussions

a. True b. False Indicate whether the statement is true or false

People who are not currently employed, but say they want a job, are counted as unemployed only if they

a. have previously held a job b. are actively seeking employment c. are willing to accept any reasonable wage rate d. are between 16 and 65 years of age e. are willing to accept any offer of employment