The figure above shows the market for pants. If the efficient quantity is produced,
A) there will be no consumer surplus.
B) the sum of consumer and producer surplus will be maximized.
C) a small deadweight loss will result.
D) the sum of consumer and producer surplus will be minimized.
E) the consumer surplus on all the pants must equal the producer surplus on all the pants.
B
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Which of the following is legal under the Taft-Hartley Act?
A) closed shops B) collective bargaining C) secondary boycotts D) sympathy strikes
For nearly every year since 1970, the United States has:
A. imported more than it exported. B. exported more than it imported. C. imported about the same as it has exported. D. held to very isolationist trade policy.
"Now that Blake paints the broad surfaces and I do the trim work, we can paint a house in three-fourths the time that it took for each of us to do both." This statement most clearly reflects
a. the importance of secondary effects. b. the fallacy of composition. c. the law of comparative advantage. d. behavior inconsistent with economizing.
If interest rates increase, the government debt becomes:
A. less expensive to pay. B. more volatile. C. less of a burden. D. more expensive to pay.