Special economic zones in China have been
A) the same as export processing zones.
B) centers of economic reform.
C) controlled by state run enterprises.
D) poor regions that are targeted for industrial development.
B
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The loss associated with the fact that at the profit-maximizing quantity consumers value the goods more than it cost to produce them is called
A) deadweight loss. B) comparative loss. C) Lerner Loss. D) Consumer Value Loss.
When a negative externality exists in a market, the cost to producers
a. is greater than the cost to society. b. will be the same as the cost to society. c. will be less than the cost to society. d. will differ from the cost to society, regardless of whether an externality is present.
Is the following quotation consistent with the theory of consumer behavior? “The yield on time spent working increases as the result of economic growth. Productivity per hour rises. This means that the time allocation which has represented
equilibrium at our previous income level is disrupted. The yield on time devoted to other activities must also be raised. We are aware that time in production becomes increasingly scarce with economic growth. What we will now claim in addition to this is that changes in the use of time will occur, so that the yield on time in all other activities is brought into parity with the yield on working time. In other words, economic growth entails a general increase in the scarcity of time.” (From: Staff an Tinder, The Harried Leisure Class) Please provide the best answer for the statement.
Consumer surplus is
A. the difference between the maximum a person is willing to pay and full costs of productions for the firm. B. the difference between the maximum a person is willing to pay and current market price. C. current market price. D. the difference between current market price and full costs of production for the firm.