Producer surplus is equal to the area
A) under the demand curve and above the supply curve.
B) above the supply curve and below the price line.
C) under the supply curve.
D) under the demand curve and above the price line.
B
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What is an effective counter against the argument that international trade should be restricted to protect domestic jobs?
A) A more effective policy would be to support the industry with subsidies. B) The more diversified the economy, the more stable it is. C) Free trade increases the number of jobs in which workers earn higher incomes. D) Rent seeking behavior should be encouraged. E) Free trade in "green" goods will increase jobs.
Which of the following is a preferential agreement?
A) the Trans-Pacific Partnership (TPP) B) the Transatlantic Trade and Investment Partnership (TTIP) C) the Caribbean Basin Initiative (CBI) D) the Asia-Pacific Economic Cooperation (APEC)