Define the term "import."
What will be an ideal response?
An import is a product produced in a foreign country and purchased by residents of the home country.
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An externality refers to the idea that
A) explicit costs differ from implicit costs. B) decision-makers do not internalize all the costs. C) we cannot do anything that does not affect other people. D) private and internal costs differ.
Income inequality increased in the United States from 1929 to 1970 and decreased thereafter.
Answer the following statement true (T) or false (F)
Which of the following people would most likely benefit if the U.S. dollar is stronger than other currencies?
What consumer surplus is received by someone whose willingness to pay is $35 below the market price of a good?
A. $35 B. $0 C. ($35 x P*) D. None of these is correct.