With free trade between the United States and Canada, the United States exports tomatoes and Canada exports maple syrup. U.S. consumers ______
A. of tomatoes gain and Canadian consumers of maple syrup lose
B. of both tomatoes and maple syrup gain more than either producer
C. of maple syrup gain more than U.S. producers of maple syrup lose
D. of tomatoes gain more than U.S. producers of tomatoes lose
C Figure 8.3 in the text shows that imports create a net gain in total surplus.
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Immigration into the U.S. over the past century has caused the percentage of immigrants in the U.S. population to
A) fall steadily until the 1970s and increase thereafter. B) remain relatively constant over the time period. C) fall steadily over the entire century. D) rise steadily over the entire century. E) rise steadily until the 1970s and fall thereafter.
What method of inventory valuation should be used for economic decision-making problems?
a. book value b. original cost c. current replacement cost d. cost or market, whichever is lower e. historical cost
One way DeBeers managed to maintain control over the diamond industry was to:
A. continue to be the sole diamond producer by buying all existing diamonds. B. create the illusion of no close substitutes through marketing. C. punish consumers who sought to store their wealth in diamonds. D. All of these statements are true.
Which of the following is related to the concept of trade-off used in economics?
a. Paying tuition to attend college b. Paying a high price for a movie ticket on the first day of screening c. Not having enough information available to make a rational decision d. Giving up one good or activity in order to obtain some other good or activity e. Having your cake and eating it too