In the above figure, the total consumer surplus at the efficient level of output is ________
A) $4.5 million
B) $9.0 million
C) $2.5 million
D) $8.5 million
A
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The demand for a good is inelastic if, when its price rises,
A) the demand falls. B) the quantity demanded falls. C) the quantity demanded increases. D) total dollar expenditure on the good decreases. E) total dollar expenditure on the good increases.
If the Heckscher-Ohlin model is correct, there would never be intraindustry trade
Indicate whether the statement is true or false
The fact that government has a monopoly on force _____
a. means that government can protect individual rights but is strong enough to violate them b. means that government can protect individuals rights yet is strong enough not to violate them c. means that individuals have secure and well-defined property rights d. means that individuals need not worry about threats from other governments
According to most economists, reducing automobile emissions to zero would be:
a. optimal. b. inefficient. c. beneficial. d. impossible.