Which of the following statements is true?
A) Because the cost of labor used on farms is so high, the United States exports very little of its wheat, rice and corn crops.
B) France is the leading exporting country, accounting for 10 percent of total world exports.
C) Japan is more dependent on foreign trade than is the United States.
D) Imports and exports account for over one-half of the GDP of Belgium.
D
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Which one of the following does NOT appear to contribute to economic growth?
A) knowledge B) a system of well-defined property rights C) protectionism D) innovation
Subsidies can destroy wealth because
a. subsidies move assets from lower- to higher- valued uses b. subsidies move assets from higher- to lower- valued uses c. subsidies help producers only d. subsidies help consumers only
Suppose a consumer is willing to pay a maximum of $45 for a brand of perfume whose price increases from $37 to $41 . What will be the impact of this price rise on the consumer surplus?
a. Consumer surplus will increase by $8. b. Consumer surplus will decline by $8. c. Consumer surplus will increase by $4. d. Consumer surplus will decline by $4.
If a monopolistic competitor earns a total profit of $6,000 by selling 50 units of output at a price of $400 per unit, its total cost of production is $14,000
a. True b. False Indicate whether the statement is true or false