If Belgium exports chocolate to the rest of the world, then Belgian chocolate producers benefit from higher producer surplus, Belgian chocolate consumers are worse off because of lower consumer surplus, and total surplus in Belgium increases because of the exports of chocolate
a. True
b. False
Indicate whether the statement is true or false
True
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Unlimited wants need not be a problem if
A. resources are also unlimited. B. resources are flexible in what they can do. C. resources are basic energy resources like oil. D. resources are human resources such as skilled labor.
A firm's expansion path
A) shows the targeted growth rate in sales over the long run. B) is the same thing as its long-run average cost curve. C) is a curve that shows a firm's cost-minimizing combination of inputs for every level of output, holding input prices constant. D) is a curve that shows expected profits at various price levels.
Is beer taxation a regressive, proportional, or progressive tax if viewed as a point in time? Please explain your answer. What about if viewed over a person's lifetime? If your answer changes, please explain why
What will be an ideal response?
The supply curve in the market for land that has limited availability is:
a. perfectly elastic. b. relatively inelastic. c. unit elastic. d. perfectly inelastic. e. relatively elastic.