Suppose a country begins to allow international trade in steel. Which of the following outcomes will be observed regardless of whether the country finds itself importing steel or exporting steel?
a. The sum of consumer surplus and producer surplus for domestic traders of steel increases.
b. The quantity of steel demanded by domestic consumers increases.
c. Domestic producers of steel receive a higher price for steel.
d. The losses of the losers exceed the gains of the winners.
a
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Inheritance taxes tend to increase income inequality in the long run
a. True b. False Indicate whether the statement is true or false
The stock of wealth increases more rapidly the faster the flow of ________.
A. assets B. money C. saving D. income
The aggregate production function is _____ because the rate of increase of output per capita diminishes as more capital is used
a. downward sloping b. convex from below c. concave from below d. inverted U-shaped
Yvette buys and sells real estate. Two weeks ago, she paid $300,000 for a house on Pine Street, intending to spend $50,000 on repairs and then sell the house for $400,000 . Last week, the city government announced a plan to build a new landfill on Pine Street just down the street from the house Yvette purchased. As a result of the city's announced plan, Yvette is weighing two alternatives: She
can go ahead with the $50,000 in repairs and then sell the house for $290,000 . or she can forgo the repairs and sell the house as it is for $250,000 . She should a. keep the house and live in it. b. go ahead with the $50,000 in repairs and sell the house for $290,000. c. forgo the repairs and sell the house as it is for $250,000. d. move the house from Pine Street to a more desirable location, regardless of the cost of doing so.