Define the term "export."
What will be an ideal response?
An export is a product produced in the home country and sold in another country.
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What is "rent seeking"? How does it apply to restricting imports?
What will be an ideal response?
An increasing returns to scale production function could be quasiconcave.
Answer the following statement true (T) or false (F)
In 2014, the price of peanuts increased. In the market for peanut butter, this change led to ________ and which therefore ________ the price of peanut butter and ________ the quantity of peanut butter
A) a decrease in the supply; increased; decreased B) an increase in supply; decreased; increased C) a decrease in demand; decreased; decreased D) an increase in demand; increased; increased
At the output where the combined amounts of consumer and producer surplus are largest:
A. the areas of consumer and producer surplus necessarily are equal. B. the maximum willingness to pay for the last unit of output equals the minimum acceptable price of that unit of output. C. consumer surplus exceeds producer surplus by the greatest amount. D. marginal benefit exceeds marginal cost by the greatest amount.