According to the graph shown, if the market goes from equilibrium to having its price set at $10:
A. deadweight loss will occur.
B. seven fewer units will be exchanged.
C. consumer surplus will decrease.
D. All of these are true.
D. All of these are true.
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Which of the following statements concerning utility as a measure for well being are false?
A) There is generally a positive relationship between income and utility. B) It is possible to determine which of two individuals is made happier by consuming a particular market basket. C) Utility is an abstract representation of an individual's degree of happiness. D) Cross country studies suggest that citizens in wealthier countries are happier than citizens in poorer countries.
If indirect business taxes and depreciation were added to the national income, we obtain: a. Net National product
b. Gross National Product. c. Gross Domestic Product. d. Personal Income.