Refer to Table 9-11. With trade, what is the total gain in clock production?

You buy new water skis and other new equipment for $2,500 and take a week off of your job, where you earn $1,000 a week, to go water skiing. The equipment you purchased was all produced in the United States. You think that the week was worth $4,000

As a result of your vacation, GDP changes by how much?

If the social marginal cost of a good is very high relative to the private marginal cost, then a monopoly will most likely

A) produce more than the social optimum. B) produce less than the social optimum. C) produce the social optimum. D) produce zero pollution.