How do imports affect buyers' consumer surplus?
What will be an ideal response?
Consumer surplus increases. It increases because imports lower the price of the good being imported, so buyers purchase more of the good and hence their consumer surplus increases.
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Adding the quantities demanded by all consumers at every price will yield
A) the market-clearing price. B) the number of consumers. C) the total substitution effect from a price change. D) the market demand curve.
List two of the three types of fiscal programs that the President and Congress emphasized in response to the 2008-2009 recession
If we compare income mobility in absolute terms, we would measure whether a person's income:
A. is higher than her parents' income. B. is higher at the end of her career compared to the beginning. C. places her higher up in the income distribution over the course of her work-life. D. places her higher up in the income distribution than her parents' income.
Although it has had some criticism for ineffectiveness, in what way has the North American Agreement on Labor Cooperation had some positive benefits?
a. It created an institutional forum for the discussion of labor issues in Canada, the United States, and Mexico b. It prohibited any one NAFTA member country from publicly revealing violations of labor laws in other NAFTA member countries. c. It reduced the emphasis on labor rights as a legitimate trade issue d. All of these answer choices are examples of the positive benefits.