In the country of Wilkes, taxes are $5 million and benefits are $4 million. Income from labor is $25 million and income from capital is $15 million. What is market income?

Both Mergatroid and the Geebocks produce only gizmos and widgets. It is possible for Mergatroid to have

A) an absolute and a comparative advantage in both products. B) an absolute but not a comparative advantage in both products. C) a comparative but not an absolute advantage in both products. D) neither a comparative nor an absolute advantage in both products.

Refer to Figure 4-8. What is the value of producer surplus after the imposition of the ceiling?

A) $40,000 B) $100,000 C) $300,000 D) $430,000