Refer to Figure 9.9. Now suppose an import quota of 3000 trucks is imposed. The quota will make total consumer surplus equal to
A) $25,000.
B) $13,125,000.
C) $40,000,000.
D) $62,500,000.
E) $75,625,000.
D
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Consumer spending accounts for about 70 percent of GDP
a. True b. False Indicate whether the statement is true or false
As new firms enter a competitive price-searcher market, profits of existing firms
a. rise and product diversity in the market increases. b. rise and product diversity in the market decreases. c. decline and product diversity in the market increases. d. decline and product diversity in the market decreases.
Most economists are opposed to the "living wage" concept in foreign labor agreements because:
a. it is barely enough for survival. b. most workers in low-income nations already earn more. c. workers should never earn more than the managers. d. it is well above the market wage, and many workers in poor nations would lose the opportunity to be employed.
Stagflation can be defined as a combination of ____.
A. economic migration and inflation B. economic aggregation and deflation C. economic stagnation and inflation D. economic aggregation and inflation