Question : 23) When a nation exports a good, its ________ surplus : 1241677

 

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

 

31) The above figure shows the U.S. market for wheat. With international trade, the gain in total surplus is equal to ________.

A) area A

B) area B + area C

C) area D

D) area C + area F

E) area C + area D + area F

 

32) The above figure shows the U.S. market for wheat. With no international trade, consumer surplus is equal to ________ and producer surplus is equal to ________.

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

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

C) area E + area F; area A

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

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

33) The above figure shows the U.S. market for wheat. With international trade, ________ is the transfer of surplus from consumers to producers.

A) area B + area C

B) area D

C) area C + area F

D) area C + area D

E) area B + area C + area D