When a country gains from trade:
A. everyone in that country benefits from the trade.
B. the net gain of surplus is positive for that country.
C. the total producer surplus increased in the country.
D. the total consumer surplus increased in the country.
B. the net gain of surplus is positive for that country.
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The government unit that wants to achieve "revenue enhancement" will find it considerably more favorable to enact an excise tax on goods whose demand is
A) highly elastic. B) relatively elastic. C) highly inelastic. D) unitary elastic.
When the economy enters a prosperity phase, personal income tax collections
a. fall along with consumption and real GDP b. rise along with real GDP but unemployment insurance payments to workers fall c. rise but real GDP and unemployment insurance payments to workers fall d. fall along with real GDP but unemployment insurance payments to workers rise e. fall causing real incomes and employment to fall
Opportunity cost is the value of the next best alternative that is given up
a. True b. False Indicate whether the statement is true or false
If the supply curve for orange juice is estimated to be Q = 40 + 2p, then
A) supply is price elastic at all prices. B) supply is price inelastic at all prices. C) supply is elastic only at prices below 20. D) No general statements about price elasticity of supply can be made.