If the world price for good A is below the domestic price for good A without trade, then consumer surplus will ________ and producer surplus will ________ with trade.
A. decrease; decrease
B. increase; decrease
C. increase; increase
D. decrease; increase
Answer: B
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Pointy Stone State Park is the sole employer of naturalists in the area. The table above provides information about the supply of naturalists and the value of marginal product of labor for naturalists
On the last naturalist hired, Pointy Stone State Park will earn a profit of A) zero. B) $100 per week. C) $150 per week. D) $200 per week.
Which component of employee compensation has grown most rapidly in recent decades?
A) net interest income B) benefits C) transfer payments D) wages and salaries E) net factor income
If a Cournot duopolist announced that it will double its output,
A) it becomes the leader. B) the other firm does not view the announcement as credible. C) the other firm will shut down. D) the other firm will double output also.
Many economists think that, in the long run, the Phillips curve is
a. a horizontal line. b. a vertical line. c. the same as the short-run curve. d. a 45-degree line from the origin.