Jake just bought a new hockey stick. When he was leaving the shop, he thought that he such a great deal and would have paid $50 more dollars for the stick. Jake received

A) producer surplus.
B) equilibrium.
C) marginal cost.
D) total surplus.
E) consumer surplus.

E

Economics

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When products from a high-cost country within a customs union replace imports from a low-cost country that is not a member of the union, this is called:

a. trade creation. b. trade diversion. c. trade deflection. d. trade development.

Economics

The development most responsible for the wide-spread introduction of macroeconomic models built upon solid microeconomic foundations was the

A) work of John Maynard Keynes. B) rational expectations revolution. C) popularization of supply-side economics. D) development of the Keynesian coordination failure model.

Economics