What do economists call movements of labor and capital between nations?
What will be an ideal response?
Factor flows
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Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
After trade, at a world price of Pw, the net loss of producer surplus equals area(s)
A. B + C. B. D. C. E + F. D. B + C + E + F.
Prejudice and discrimination are indistinguishable
Indicate whether the statement is true or false
Which of the following firms faces monopolistic competition?
a. A poultry farm selling eggs to different bakeries b. A fashion store selling clothes at an up-scale boutique c. A fruit-bowl shop at a local market d. A movie hall selling tickets in advance for an upcoming blockbuster
Behavioral economics recognizes that people use System 1 to make decisions more often than they use System 2. Which of the following is an implication of that decision-making process?
A. A majority of decisions are not made according to the neoclassical assumption of rational behavior. B. Most decisions involve careful calculation of costs and benefits. C. Even though most decisions are irrational, the neoclassical model still accurately predicts outcomes. D. System 1 is best at making optimal decisions.