Refer to Figure 9.2. At price 0E and quantity Q*, producer surplus is the area
A) 0ACQ*.
B) 0ECQ*.
C) 0FCQ*.
D) EFC.
E) none of the above
E
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Inflation that is ________ than what is expected benefits ________ and hurts ________
A) greater; lenders; no one B) greater; lenders; borrowers C) less; lenders; borrowers D) less; borrowers; lenders
The terms of trade are
A) the terms negotiated in a trade agreement. B) exports plus imports divided by GDP. C) the value of the real exchange rate. D) taxes plus transaction costs paid on imports. E) the ratio of export prices to import prices.
Refer to the above table. Kate's utility schedule is characterized by
A. increasing marginal utility. B. constant marginal utility. C. diminishing marginal utility. D. decreasing marginal utility.
The benefits of free trade tend to be highly concentrated whereas the costs are widely scattered.
Answer the following statement true (T) or false (F)