Total welfare gains from trade to the economy can be measured:
a. as the sum of consumer and producer surpluses
b. as the difference between producer surplus and consumer surplus.
c. as the sum of consumer and producer surpluses minus taxes
d. as the net gain in consumer surplus that results from an action that alters a market equilibrium.
a
Economics
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One problem associated with intellectual property is that
a. only one person can use it at a time b. the patent system reduces incentives to create new intellectual property c. the cost of producing it usually exceeds the benefit d. encryption software creates monopoly power e. the original producer has difficulty preventing non-paying beneficiaries from consuming the property
Economics
The G20 countries introduced stimulus packages that averaged ____ of GDP in 2009 and ____ in 2010
a. 2%; 1.6% b. 1.6%; 2% c. 3%; 2% d. 2%; 3%
Economics