The above figure shows the U.S. market for wheat. With international trade, ________ is the transfer of surplus from consumers to producers
A) area B + area C
B) area D
C) area C + area F
D) area C + area D
E) area B + area C + area D
A
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Which of the following is the best example of a pair of complements?
a. ?Milk and coffee b. ?Coffee and tea c. ?CDs and DVDs d. ?Hiking boots and athletic shoes e. ?Paperback books and hard cover books
The following are all final goods EXCEPT
A) flour used by the baker to make cupcakes. B) bread eaten by a family for lunch. C) pencils used by a 6th grader in class. D) Nike shoes used by a basketball player. E) a computer used by Intel to design new computer chips.
Whenever exports exceed imports (and other planned injections equal other planned leakages), the economy
a. remains stable. b. expands. c. contracts. d. deflates.
Any combination of goods lying outside of the budget line:
A. implies that the consumer is not spending all his income. B. yields less utility than any point on the budget line. C. yields less utility than any point inside the budget line. D. is unattainable, given the consumer's income.