One argument against free trade is the
A. considerate advantage argument.
B. comparative advantage argument.
C. absolute advantage argument.
D. infant industry argument.
Answer: D
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You have two options for how to spend the afternoon. You can either go see a movie with your roommate or work as a tutor for the Math Department. From experience, you know that going to see a movie gives you $20 worth of enjoyment, and with your student discount, a movie ticket only costs $12. If you spend the afternoon working as a math tutor, you will get paid $45. On a typical day, you wouldn't be willing to spend the afternoon working as a math tutor for less than $35. Should you go see a movie or work as a math tutor?
A. You should work as a math tutor. B. You should do neither C. You should go to the movies. D. Both options are equally good.
When the market price rises, the consumers' consumer surplus ________. When the market price falls, the consumers' consumer surplus ________
A) decreases; increases B) decreases; decreases C) increases; increases D) increases; decreases E) does not change; increases
Monopolies are inefficient because, at the profit-maximizing output level,
A) MC = MR. B) MC does not equal MR. C) MB = MC. D) MB does not equal MC. E) P = ATC.
Demand curves with constant slopes must have different own-price elasticities as one moves along the demand curve.
Answer the following statement true (T) or false (F)