A quota brings a more serious misallocation of resources than a tariff
a. True
b. False
Indicate whether the statement is true or false
True
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The producer surplus of making and selling 10 chairs is found by
A) multiplying the selling price by 10. B) subtracting the marginal cost from the selling price for each chair and summing the differences for all 10 chairs. C) subtracting from the total revenue the cost of producing one chair multiplied by 10. D) adding the marginal cost and the price of all 10 chairs. E) None of the above answers is correct.
U.S. patent laws establish property rights for inventors of new products
a. forever b. until a superior invention comes along c. for 3 years d. for 10 years e. for 20 years
Money is ________ because goods and services are sold for money, then the money is used to purchase other goods and services.
a) a medium of exchange b) a unit of account c) a store of value d) fiat money
Consumption + the change in net worth =
A. saving. B. depreciation. C. total assets. D. economic income.