What is an "export subsidy"?
a. a payment by one government to another for exports
b. a payment (or other benefit) to domestic firms by their government to help them sell exports more cheaply
c. the rule that says all exports must be taxed before they leave the port
d. a provision that exporters must get their payments indirectly through a third party
Ans: b. a payment (or other benefit) to domestic firms by their government to help them sell exports more cheaply
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If the price of a soda is $0.50, and the marginal utility of the first soda consumed is valued at $2, then the consumer surplus of that first soda is
a. $0.50 b. $1.50 c. $2.00 d. $2.50 e. $4.00
Suppose the money market, drawn with the value of money on the vertical axis, is in equilibrium. If the money supply increases, then at the old value of money there is an
a. excess demand for money that will result in an increase in spending. b. excess demand for money that will result in a decrease in spending. c. excess supply of money that will result in an increase in spending. d. excess supply of money that will result in a decrease in spending.