Suppose that the equilibrium price in the market for widgets is $5. If a law increased the minimum legal price for widgets to $6（）
A. the resulting increase in consumer surplus would be larger than any possible loss of producer surplus
B. the resulting increase in consumer surplus would be smaller than any possible loss of producer surplus
C. any possible increase in producer surplus would be larger than the loss of consumer surplus
D. any possible increase in producer surplus would be smaller than the loss of consumer surplus
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If a market is allowed to adjust freely to its equilibrium price and quantity, then an increase in demand will（）
A. increase producer surplus
B. reduce producer surplus
C. not affect producer surplus
D. Any answer is possible
The opportunity cost of obtaining more of one good is shown on the production possibilities frontier as the（）
A. amount of the other good that must be given up
B. market price of the additional amount produced
C. amount of resources that must be devoted to its production
D. number of dollars that must be spent to produce it
Welfare economics is the study of（）
A. taxes and subsidies
B. how technology is best put to use in the production of goods and services
C. government welfare programs for needy people
D. how the allocation of resources affects economic well-being
Suppose Iran imposes a tariff on lumber. For the tariff to have any effect, it must be the case that（）
A. Iran is an exporter of lumber
B. the domestic quantity of lumber supplied exceeds the domestic quantity of lumber demanded at the world price without the tariff
C. the world price without the tariff is less than the price of lumber without trade
D. the world price without the tariff is greater than the price of lumber without trade
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