Refer to Figure 6.4. If the price of computers is $1,000, then consumer surplus is given by the area represented by:
A. c + d.
B. b.
C. b + c.
D. a + b + e.
D. a + b + e.
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Part-time workers are considered both a part of the labor force and employed
Indicate whether the statement is true or false
Money is:
A. controlled by the supply and demand of goods and services on which our money is spent. B. represented only by the amount of dollars and coins in our economy. C. the set of all assets that are regularly used to directly purchase goods and services. D. anything that we use to buy goods and services as long as it is not a good itself.
If international trade is based on product differentiation, for a country the basis for
A. importing is that the price of the imports is the same as the price of the domestic products. B. exporting is the domestic production of unique models or varieties demanded by some consumers in foreign markets. C. exporting is that domestic producers can charge a much higher price in the international market. D. importing is that foreign firms usually enjoy external scale economies.
The process by which monopoly profits lead to technological progress in known as:
A. imperfect competition. B. destructive creation. C. creative destruction. D. economies of scale.