A surplus occurs whenever
A) price is below the equilibrium price.
B) price is above the equilibrium price.
C) price is equal to the equilibrium price.
D) the supply curve is downward sloping.
Answer: B
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The national security argument is used by those who assert they want to
A) increase imports as a way of strengthening their country. B) limit exports to control the flow of technology to third world nations. C) limit imports that compete with domestic producers important for national defense. D) limit all imports. E) increase exports as a way of earning money to strengthen their country.
If there is an increase in the price of the final good that an industry produces, the labor demand curve in the industry is likely to:
A) shift to the left. B) shift to the right. C) become vertical. D) become horizontal.
The concept of external cost is associated with a negative externality, but not with a positive externality
a. True b. False Indicate whether the statement is true or false
In this graph, what is the total loss?
a. $75
b. $80
c. $85
d. $90