Author Question: ________ is the value of a good minus the price paid for it summed over the quantity bought. A) ... (Read 94 times)

londonang · **on:** Jun 29, 2018

________ is the value of a good minus the price paid for it summed over the quantity bought.

A) Producer surplus
B) Consumer surplus
C) Surplus
D) Shortage

Question 2

Pollution is a by-product of some production processes, so on this count real GDP as measured

A) is adjusted downward to take into account the pollution.
B) is adjusted upward to take into account the expenditures that will be made in the future to clean up the pollution.
C) tends to overstate economic welfare.
D) tends to understate economic welfare.