Consumer discrimination exists when consumers are willing to pay ________ for a good or service produced by the favored group, even though the quality of the good or service is ________.
A. less; the same
B. more; better
C. more; worse
D. more; the same
Answer: D
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In the figure above, the total revenue from pizza per day is
A) $60,000. B) $100,000. C) $40,000. D) $80,000. E) $50,000.
Total surplus can be increased if:
A. new markets are created. B. new technology is banned. C. deadweight loss is increased. D. All of these can increase total surplus.
Demand-pull inflation is due to:
a. minimum wage laws. b. labor cost increases. c. excess total spending. d. tax increase.
The most successful free trade agreements achieve all of the following goals, except:
a. benefiting exporters by increasing exports to member countries. b. ensuring that production occurs on the basis of comparative advantage. c. benefiting consumers by making a wider variety of goods available at a lower price. d. stimulating trade creation to allow the benefits of trade to be realized. e. protecting domestic industries from foreign competition.