Refer to Figure 9.1. If the government establishes a price ceiling of $20, the resulting deadweight loss will be
A) $0.
B) $20.
C) $30.
D) $300.
E) $600.
D
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Economists agree that trade ought to be restricted if free trade means that domestic jobs might be lost because of foreign competition
a. True b. False Indicate whether the statement is true or false
The utilitarian case for redistributing income is based on the assumption of
a. collective consensus. b. a notion of fairness engendered by equality. c. diminishing marginal utility. d. rising marginal utility.
If a country has a trade deficit of $50 billion, which of the following can be true?
A. The country's exports are $110 billion, and its imports are $160 billion. B. The country's exports are $100 billion, and its imports are $50 billion. C. The country's exports are $150 billion, and its imports are $60 billion. D. The country's exports are $150 billion, and its imports are $100 billion.
Myopia and time-inconsistency are major stumbling blocks that behavioral economists have found in people's ability to make decisions that involve trade-offs between:
A. Importing and exporting B. Work and leisure C. The private sector and the government D. The present and the future