The opening of export markets for primary products can provide employment for previously underutilized land and labor. The term for this is
(a) vent for surplus.
(b) comparative advantage.
(c) Prebisch-Singer thesis.
(d) barter trade.
A
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The graph below represents the market for alfalfa. The market price is $7.00 per bushel. Identify the areas representing consumer surplus, producer surplus, and economic surplus
What will be an ideal response?
In a natural monopoly,
a. society would be better off if antitrust laws were used to create many different firms in the market. b. the marginal cost curve is positively sloped. c. if the government requires marginal cost pricing, it will likely have to subsidize the firm. d. the marginal revenue curve is horizontal.
The exclusive rights of ownership of property are generally referred to as
A. level property rights. B. public property rights. C. private property rights. D. common property rights.
Why would a high-wage nation oppose immigration?
What will be an ideal response?