Speculators serve no useful function in a market
a. True
b. False
Indicate whether the statement is true or false
False
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The above figure shows the U.S. market for replacement cell phone batteries. Area A + area E is the
A) consumer surplus when there is a tariff. B) producer surplus when there is a tariff. C) tariff revenue. D) increase in producer surplus due to the tariff. E) gain in total surplus due to the tariff.
Which of the following will cause the largest reduction in the birthrate?
(a) the population becomes less religious (b) public healthcare improves (c) education becomes more available (d) an increase in the opportunity cost of a woman's time
All else equal, as the labor supply increases, the marginal product of labor will
A) increase at an increasing rate. B) increase at a decreasing rate. C) decrease at an increasing rate. D) decrease at a decreasing rate.
If aggregate expenditure is less than GDP, inventories will
a. grow and prices will fall b. grow and GDP will rise c. grow and GDP will fall d. shrink and GDP will rise e. shrink and GDP will fall