The welfare of sellers is measured by
a. consumer surplus.
b. producer surplus.
c. total surplus.
d. price.
b
You might also like to view...
Nonunion labor is a substitute for union labor, so when the minimum wage ________, the demand for union labor ________
A) rises; decreases B) decreases; increases C) decreases; decreases D) rises; increases E) rises; remains the same
The Sherman Act of 1890
A) established the corporate income tax. B) prohibited price-setting agreements among sellers. C) required employers to bargain collectively with labor unions. D) set maximum prices railroads could charge interstate shippers. E) set minimum prices railroads could charge without being guilty of unfair trade practices.
Which of the following is most likely beyond the scope of economic analysis?
a. Family structure. b. Why some people contribute to charities. c. Why some people choose to vote. d. The actions of people who do what voices in their heads tell them to do.
The economy is currently on its production possibilities frontier (PPF). A politician says that it is possible to get more of everything---more infrastructure, more schools, more national defense, more spending on social programs, and so on. The politician is
A) correct if he is assuming a rightward-shifting PPF. B) incorrect if he is assuming a rightward-shifting PPF. C) incorrect if he is assuming a PPF that does not change. D) correct if he is assuming a PPF that does not change. E) a and c