When a quota/trade barrier is instituted, the loss of domestic consumer surplus may be transferred to all of the following except
a. foreign consumers.
b. domestic producers.
c. foreign producers.
d. consumers of other domestic products.
d
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Suppose there is a family in which all the boys are expected to become farmers when they are adults, just as their fathers and grandfathers did. In which kind of economy do they participate?
a) false economy b) command economy c) traditional economy d) centrally planned economy
If the best surgeon in town is also the best at cleaning swimming pools, then according to the theory of comparative advantage, this person should
A) pursue the activity he enjoys more. B) specialize in cleaning swimming pools because it is more labor-intensive. C) split his time evenly between being a surgeon and cleaning swimming pools. D) specialize in being a surgeon because its opportunity cost is lower.
When the unemployment rate is relatively high, we can conclude that:
What will be an ideal response?
The classic example of a private unregulated monopoly is:
A. Coca Cola B. Wham-O (Frisbee) C. General Motors D. General Electric