In Figure 5-2, consumer’s surplus is measured by the area
A. ABC.
B. OBCD.
C. OACD.
D. DCE.
Answer: A
Economics
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Refer to the figure above. In free trade A will import
A) 700 units from country C. B) 700 units from C and 600 units from B. C) 600 units from C. D) 600 units from C and 400 units from B.
Economics
Economic rent is
A) the return to owners of farmland. B) the return to landlords. C) a payment for the use of any resource above its opportunity cost. D) a payment for land, an apartment, or a house that one does not own.
Economics