There are only increases in total surplus when a country exports a good, since more units of the country’s output of that good are produced.
Indicate whether the statement is true or false.
Answer: False.
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If incomes were equal in an economy can you think of any other problems that might exist as a result of this equality?
What will be an ideal response?
Status-quo bias is:
A. a type of mental barrier to saving. B. when people actively make decisions to change something, even if it is fairly difficult to do so. C. not overcome in the SMarT program because saving is the default option. D. when people have a negative view on the status quo.
Explain the difference between a change in the quantity demanded and a shift in the demand curve
What will be an ideal response?
A firm has a marginal cost of $200 and charges a price of $500. The Lerner index for this firm is:
A. 0.50. B. 1.50. C. 0.60. D. 0.20.