The Sum of Consumer Surplus and Producer Surplus Is Called

question 172

True/False

The sum of consumer surplus and producer surplus is called economic surplus.

---

Definitions:

National Income

The total amount of money earned within a country from the production of goods and services over a specified period, usually a year.

GDP Deflator

An economic metric that converts output measured at current prices into constant-dollar GDP, stripping out the effects of inflation.

GDP

Gross Domestic Product, a measure of the total economic output of a country within a specific time period.

Net Exports

The difference between a country's total value of exports and its total value of imports.