The USCongress Reluctantly Voted for the 2008 and 2009 Financial Bailouts

question 30

Short Answer

The U.S.congress reluctantly voted for the 2008 and 2009 financial bailouts, as opinion ran against those bailouts, abandoning the __________ theory to act as trustees for the public good.

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Definitions:

Producer Surplus

This is an economic measure of the difference between the amount producers are willing to supply a good for and the amount they actually receive.

Consumer Surplus

The difference between the maximum price consumers are willing to pay for a product and the actual market price they pay.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual amount they receive due to market price.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that suppliers are willing to sell in the market.