Which of the following is true about consumer surplus?
a. Consumer surplus is how much more consumers have to pay than they are willing to pay
b. Consumer surplus is shown graphically as the area under the demand curve but above the supply curve.
c. An increase in the market price due to a decrease in supply will increase consumer surplus.
d. A decrease in market price due to an increase in supply will increase consumer surplus.
d
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From the 1960s to 2016, transfer payments
A) have risen from 25 percent to about 49 percent of federal government expenditures. B) remained the same percentage of total federal government expenditures. C) have declined by half as a percentage of total federal government expenditures. D) have grown very slowly as a percentage of total federal government expenditures.
In the high-income economies of the world, only about 2% of GDP comes from ______________.
a. manufacturing b. agriculture c. services d. textiles