The expression "gains from trade" refers to:
A) the net benefits a country receives from trade.
B) a nation's surplus of exports over imports.
C) a nation's balance of trade.
D) the benefits a country receives from quota protection.
Ans: A) the net benefits a country receives from trade.
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Consumer surplus ________
A) equals total revenue minus marginal cost B) is maximized when the market outcome is efficient C) equals total revenue minus opportunity cost D) plus producer surplus is maximized when resources are used efficiently
In the prisoner's dilemma setting for producing and stealing, a tax imposed on participants could end up changing the payoff matrix so that
A. one participant is better off, and one participant is worse off. B. both participants are worse off. C. both participants are better off. D. all of the above are possible
An increase in consumer incomes will lead to
A) a rightward shift of the demand curve for plasma TVs. B) a movement upward along the demand curve for plasma TVs. C) a rightward shift of the supply curve for plasma TVs. D) no change of the demand curve for plasma TVs.
The short-run supply of land at a specific location is: a. best described by an upward-sloping curve. b. best described by a downward-sloping curve. c. perfectly inelastic
d. perfectly elastic.