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Define consumer surplus and producer surplus

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1. Define consumer surplus and producer surplus. What purposes do they serve?

2. Briefly explain what an aggregate demand curve shows and what it is comprised of. Describe the shape of the demand curve and briefly explain the reasons behind this shape.

3. Several arguments suggest that low-income countries might have an advantage achieving greater worker productivity and economic growth in the future. Offer two such arguments and discuss their relevance.

4. Recent decades have seen a trend toward globalization, which means that buying and selling in markets have crossed national borders to an increasing extent. List three reasons and briefly describe their effect contributing toward globalization.

5. Describe the negative effects of inflation.

Reference no: EM132316848

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