When a nation exports a good, its ________ surplus increases, and when it imports a good, its ________ surplus increases
A) total; total
B) consumer; consumer
C) producer; producer
D) producer; consumer
E) total; consumer
A
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Which of the following statements is true?
A. Absolute advantage implies comparative advantage. B. Absolute advantage requires comparative advantage. C. Comparative advantage requires absolute advantage. D. Comparative advantage does not require absolute advantage.
What effect does a price hike have on the total revenue of the producers?
What will be an ideal response?
Facing stiff competition, Hendrix College, a small liberal arts institution in Conway, Ark
, decided two years ago to bolster its academic offerings, promising students at least three hands-on experiences outside the classroom, including research, internships and service projects. Although it raised tuition and fees by 29 percent, enrollment in the freshman class rose by 37 percent. Source: Jonathan D. Glater and Alan Finder, "In New Twist on Tuition Game, Popularity Rises With the Price," New York Times, December 12, 2006 Based on the information above, the demand for Hendrix College education is A) relatively elastic. B) unit elastic. C) perfectly elastic. D) More information is needed to answer the question.
Some people think it's unfair that celebrities like Kim Kardashian earn a lot more than people who add so much more value to society, like teachers. What do you think explains this wage differential?
What will be an ideal response?