13) The above figure shows the U.S. market for chocolate. With no international trade, consumer surplus is equal to

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

B) area A.

C) area B + area C + area D.

D) area C + area D.

E) area E.

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

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

B) area A.

C) area B + area C + area D.

D) area C + area D.

E) area E.

15) The above figure shows the U.S. market for chocolate. With no international trade, producer surplus is equal to

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

B) area B + area C + area D + area E.

C) area B + area C + area D.

D) area C + area D.

E) area E.

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

A) area B.

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

C) area B + area C + area D + area E.

D) area C + area D.

E) area B + area C + area D.

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

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

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

C) area A; area E

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

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

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

A) area B +area C + area D

B) area B

C) area C + area D

D) area A

E) area E

19) When a nation exports a good or service in which it has a comparative advantage, 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.

20) When a nation exports a good or service in which it has a comparative advantage, production of the good or service

A) decreases.

B) stays the same.

C) increases.

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

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

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

13) The above figure shows the U.S. market for chocolate. With no international trade, consumer surplus is equal to

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

B) area A.

C) area B + area C + area D.

D) area C + area D.

E) area E.

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

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

B) area A.

C) area B + area C + area D.

D) area C + area D.

E) area E.

15) The above figure shows the U.S. market for chocolate. With no international trade, producer surplus is equal to

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

B) area B + area C + area D + area E.

C) area B + area C + area D.

D) area C + area D.

E) area E.

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

A) area B.

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

C) area B + area C + area D + area E.

D) area C + area D.

E) area B + area C + area D.

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

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

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

C) area A; area E

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

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

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

A) area B +area C + area D

B) area B

C) area C + area D

D) area A

E) area E

19) When a nation exports a good or service in which it has a comparative advantage, 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.

20) When a nation exports a good or service in which it has a comparative advantage, production of the good or service

A) decreases.

B) stays the same.

C) increases.

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

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

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

13) The above figure shows the U.S. market for chocolate. With no international trade, consumer surplus is equal to

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

B) area A.

C) area B + area C + area D.

D) area C + area D.

E) area E.

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

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

B) area A.

C) area B + area C + area D.

D) area C + area D.

E) area E.

15) The above figure shows the U.S. market for chocolate. With no international trade, producer surplus is equal to

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

B) area B + area C + area D + area E.

C) area B + area C + area D.

D) area C + area D.

E) area E.

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

A) area B.

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

C) area B + area C + area D + area E.

D) area C + area D.

E) area B + area C + area D.

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

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

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

C) area A; area E

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

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

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

A) area B +area C + area D

B) area B

C) area C + area D

D) area A

E) area E

19) When a nation exports a good or service in which it has a comparative advantage, 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.

20) When a nation exports a good or service in which it has a comparative advantage, production of the good or service

A) decreases.

B) stays the same.

C) increases.

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

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

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

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