Domestic aggregate surplus:
A. is the sum of consumer surplus, deadweight loss and government revenue.
B. is the sum of domestic producer surplus and government revenue.
C. is the sum of domestic producer surplus and consumer surplus.
D. is the sum of consumer surplus, domestic producer surplus and government revenue.
D. is the sum of consumer surplus, domestic producer surplus and government revenue.
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Protectionism is usually justified on the basis of one of four arguments. What are those four arguments?
What will be an ideal response?
A study by Price Fishback and Shawn Kantor of the University of Arizona shows that after the passage of workers' compensation laws, wages received by workers in the coal and lumber industries fell
Source: Price V. Fishback and Shawn Everett Kantor, "Did Workers Pay for the Passage of Workers' Compensation Laws?" Quarterly Journal of Economics, Vol. 100, No. 3, August 1995
Modern antitrust policy began in response to
a. abuses of market power in the oil industry. b. the inability of railroads to compete effectively with the new trucking industry. c. the charge that the rights of big business were not adequately protected. d. attempts by business leaders to pack Congress with corrupt legislators.
If the Marginal utility of the first bar of chocolate that Dan eats is 5 utils, then which of the following is most likely to be true?
a) Dan will eat 5 bars of chocolate. b) The marginal utility of the second bar of chocolate that Dan eats will be less than 5 utils. c) The marginal utility of the second bar of chocolate that Dan eats will be greater than 5 utils. d) None of the above.