The above figure shows the U.S. market for chocolate. With international trade, ________ is the transfer of surplus from producers to consumers
A) area B +area C + area D
B) area B
C) area C + area D
D) area A
E) area E
B
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If Sam can chop up more carrots per minute than Joe can, then
a. Joe has an absolute advantage in carrot chopping b. Joe must have a comparative advantage in carrot chopping c. Sam has an absolute advantage in carrot chopping d. Sam must have a comparative advantage in carrot chopping e. we can conclude nothing about absolute advantage
Under the current welfare scheme, the federal government provides state governments with capped block grants to administer state-run welfare programs, but welfare recipients must participate in work activities
a. within six months of receiving welfare or risk losing it b. within two years of receiving welfare or risk losing it c. within five years of receiving welfare or risk losing it d. within ten years of receiving welfare or risk losing it e. never
The majority of federal taxes are levied on ______,
a. property b. income c. usage d. sales
Refer to the information provided in Figure 28.4 below to answer the question(s) that follow.
Figure 28.4Refer to Figure 28.4. The demand for labor falls from D to D'. If firms enter into social, or implicit, contracts with workers not to cut wages, then the wage rate will remain at $10 and
A. employment will remain at 300 million. B. employment will fall to 150 million. C. employment will fall to 200 million. D. labor supply will decrease to restore the market to equilibrium.