The demand for labor is
A) derived from the demand for the final product of the firm.
B) derived from the satisfaction that hiring labor provides the owner of the firm.
C) derived from the satisfaction workers get for being employed.
D) derived from a utility-maximizing process similar to that used to derive the demand curve for all workers in a given industry.
A
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Use the following graph, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product, to answer the next question.
Sd + Q is the product supply curve after an import quota is imposed. A quota of y?w will result in an increase of domestic producer surplus equal to area(s)
A. E + F + K. B. E. C. E + F + G + H + J. D. K.
Compared to a single-price monopoly, when a monopoly can perfectly price discriminate, the deadweight loss
A) increases. B) decreases. C) remains the same. D) becomes infinite. E) probably changes, but more information is needed to determine if it increases, decreases, or remains constant.
Economists argue for free trade in export markets because
A) all consumers and producers benefit from exporting goods. B) the gains to the U.S. producers outweigh the losses to the U.S. consumers. C) the gains to the U.S. consumers outweigh the losses to the U.S. producers. D) no one is made worse off by exporting goods. E) exporting goods decreases total surplus.
In 2009, our goods and services trade deficit was almost $______ billion.
A. 300 B. 400 C. 500 D. 600