Question : 21) When a nation exports a good or service, employment : 1226588

 

21) When a nation exports a good or service, employment in that industry

A) decreases.

B) stays the same.

C) increases.

D) might change, but more information about what else the country exports is needed to determine if employment increases, decreases, or does not change.

E) might change, but more information about what the country imports is needed to determine if employment increases, decreases, or does not change.

 

22) When a nation exports a good, its consumer surplus ________, and its producer surplus ________.

A) increases; increases

B) decreases; decreases

C) increases; decreases

D) decreases; increases

E) does not change; increases

23) When a nation exports a good, its ________ surplus decreases and its ________ surplus increases.

A) consumer; producer

B) consumer; consumer

C) producer; producer

D) producer; consumer

E) total; consumer

 

24) When a nation exports a good, its ________ surplus decreases and its ________ surplus increases.

A) consumer; total

B) consumer; consumer

C) producer; producer

D) producer; consumer

E) total; consumer

 

25) When a nation exports a good, its ________ surplus increases and its ________ surplus increases.

A) consumer; total

B) consumer; consumer

C) producer; producer

D) producer; total

E) total; consumer

26) When a nation exports a good or service, the nation’s consumer surplus ________, its producer surplus ________, and its total surplus ________.

A) increases; decreases; increases

B) increases; decreases; decreases

C) increases; increases; increases

D) decreases; decreases; decreases

E) decreases; increases; increases

 

27) If Country A opens up their corn market to trade with the rest of the world and the global price of corn is higher than the equilibrium price of corn in Country A, then Country A will ________ corn, which will ________ consumer surplus, ________ producer surplus, and ________ total surplus.

A) import; increase; decrease; increase

B) import; decrease; increase; increase

C) export; increase; decrease; increase

D) export; decrease; increase; increase

E) export; decrease; increase; decrease

 

28) The above figure shows the U.S. market for wheat. When there is no international trade, consumer surplus is equal to ________.

A) area A + area B + area C

B) area A

C) area E + area F

D) area B + area C + area D

E) area A + area B + area C + area D

 

29) The above figure shows the U.S. market for wheat. With international trade, consumer surplus is equal to ________.

A) area A + area B + area C

B) area E + area F

C) area B + area C + area D

D) area A + area B + area C + area D

E) area A

30) The above figure shows the U.S. market for wheat. Without international trade, producer surplus is equal to ________.

A) area B + area C + area E + area F

B) area A

C) area B + area C +area D + area E + area F

D) area E + area F

E) area A + area B + area C + area D

 

 

 

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