Advocates of steel tariffs to protect U.S. steel firms realize that when imposing such tariffs, the gains of firms are outweighed by the losses to consumers.. This implies that
A) such advocates value producer surplus more than consumer surplus.
B) such advocates want to help consumers.
C) such advocates value consumer surplus more than producer surplus.
D) such advocates value producer surplus and consumer surplus equally.
A
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The prediction of permanent, growing shortages of fresh drinking water by the year 2050 assumes
A) water prices will increase. B) water prices will decrease. C) water prices will not adjust appropriately to coordinate the market. D) nobody will be able to collect water from rain and snowstorms.
Which of the following would be included in the calculation of gross domestic product (GDP)?
a. The value of a used automobile purchased by Jim b. The sale price of a new house purchased by Joe c. The receipt of $100 in food stamps by Sandy d. The $200 that Kurt spends on the purchase of bonds e. The amount of money that Laurie receives as unemployment benefit after losing her job
If the rate of interest is fixed, a profit-maximizing firm will employ capital up to the quantity where MRP = interest rate
Indicate whether the statement is true or false
The horizontal summation of the demands of each consumer at different price levels is called:
A. the price elasticity of market demand. B. the market demand curve. C. consumer surplus. D speculative demand.