The net cost to society from prohibiting the operation of a competitive market in equilibrium is
A. a deadweight loss.
B. lost producer surplus only.
C. lost consumer surplus only.
D. lost producer profits only.
Answer: A
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Refer to Figure 2-11. Which country has a comparative advantage in the production of cashews?
A) Pakistan B) Indonesia C) They have equal productive abilities. D) neither country
Refer to the Article Summary. The article addresses proposed British education reform by way of a completely revised public school system to improve the talent and experience of students
If these reforms lead to a more skilled and better trained public, the British economy would experience A) an increase in human capital. B) an increase in comparable worth. C) a decrease in compensating differentials. D) an increase in the supply of labor.
The innovations that allowed robust economic growth between 1950 and 2000
A. were unrepeatable. B. were never really that important. C. were repeated in the period after 1980 but didn't have the same impact. D. were focused on entertainment.
The above table shows some of the balance of payments accounts for Urland. What is Urland's balance on the capital and financial account?
A) -$146 billion B) -$183 billion C) -$99 billion D) $142 billion