If Country A exports a good to Country B, who is made worse off?
a. The producers in Country A and the consumers in Country B
b. The consumers in Country A and the consumers in Country B
c. The producers in Country A and the producers in Country B
d. The consumers in Country A and the producers in Country B
e. Only the consumers in Country A will be worse off from this trade agreement
D
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When a consumer has chosen an optimal bundle of goods, this bundle maximizes marginal utility.
Answer the following statement true (T) or false (F)
Farmer Jones knows that the marginal cost to produce a bushel of tomatoes is $5 per bushel. He also knows that a consumer is willing to pay a maximum of $9 for the bushel. The price of the bushel is $6 and Farmer Jones sells his bushel for $6
On this bushel, Farmer Jones earns a producer surplus equal to A) $1. B) $3. C) $5. D) $6.
If people value clean air over dirty air, and if the air in city A is cleaner than the air in city B (by a wide margin), then we would expect that ____________________, all else equal between the two cities
A) comparable houses in the two cities will sell for the same price. B) comparable house in A will be more expensive than comparable house in B. C) comparable house in B will be more expensive than comparable house in A. D) There is not enough information to answer the question.
Which statement is true?
A. Most U.S. workers are members of labor unions. B. Union membership has been hurt in recent decades by the decline in manufacturing. C. The union movement is most powerful in the South. D. None of these statements are true.