________ is said to exist when the formation of a regional trading group leads to an expansion of trade above pre-group levels
A) Trade creation
B) Trade diversion
C) Trade exclusion
D) Trade distortion
A
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The largest component of national income is
A) compensation of employees. B) rental income. C) corporate profits. D) proprietors' income.
In the figure above, suppose the price of a pound of pecans is negatively related to the quantity of peanuts that farmers are willing to supply. If the price of pecans increases
A) the curve will shift rightward. B) the curve will shift leftward. C) there is a movement along the curve. D) the curve will be unaffected.
If a firm produces 8 units of output with average fixed cost=$40 and average variable cost=$25, what is its total cost?
a. $200 b. $1,000 c. $520 d. $320
All of the following are criticisms of the Lorenz curve EXCEPT
A. The Lorenz curve does not account for age differences. B. The Lorenz curve does not account for differences in education levels. C. The Lorenz curve does not include in-kind transfers. D. The Lorenz curve does not account for differences in the sizes of families.