The phase in the business cycle in which real GDP declines is called a:

A new car in the dealer's showroom had a sticker price of $35,900. Sally liked the car but decided she would pay no more than $32,000 for it, otherwise she would do without it. After haggling with the dealer, she purchased the car for $31,500

Did she gain any consumers surplus? If so, how much? If not, why not?

One of the main tools used by economists to measure the actual distribution of income is

a. the Lorenz curve b. the Golden Rule c. the MR = MC rule d. the MRP = MRC rule e. the capital / labor ratio