The difference between the price the seller receives for a good or service and the minimum price he would be willing to accept for that unit is called:
a. the total gains from trading that unit.
b. the gain in producer surplus
c. the gain in consumer surplus.
d. the total surplus.
b
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Other things equal:
A. Owners of U.S. businesses benefit from immigration and owners of Mexican businesses are hurt by emigration B. Owners of U.S. businesses are hurt by immigration and owners of Mexican businesses benefit from emigration C. Owners of U.S. businesses benefit from emigration and owners of Mexican businesses are hurt by immigration D. The benefit owners of U.S. businesses receive from immigration is offset by the losses experienced by owners of Mexican businesses due to emigration
A monopolist has equated marginal revenue to zero. The firm has:
A) maximized profit. B) maximized revenue. C) minimized cost. D) minimized profit.
Which of the following leads to an increase in net exports in the long run?
a. either a decrease in the budget deficit or imposing an import quota b. a decrease in the budget deficit but not imposing an import quota c. imposing an import quota but not a decrease in the budget deficit d. neither a decrease in the budget deficit nor imposing an import quota
What is the theory that states that countries will export goods that make intensive use of the factors that are abundant in the economy?
What will be an ideal response?