Which of the following is correct? i. U.S. total surplus ...

[809779]

Which of the following is correct? i. U.S. total surplus decreases when the United States exports a good. ii. U.S. total surplus decreases when the United States imports a good. iii. U.S.
 
  total surplus increases when the United States imports a good and when it exports a good. A) i only
  B) iii only
  C) i and ii
  D) ii only
  E) None of the above because the U.S. total surplus does not change as a result of trade

Question 2

Deadweight loss refers to the loss in ________.
 
  A) producer surplus due to a fall in the market price
  B) consumer surplus due to an increase in the market price
  C) total surplus due to a market distortion such as an externality
  D) total surplus due to a change in consumers' preferences

[livaneabi]

Answer to Question 1

B

Answer to Question 2

C

[809779]

Excellent

[JCABRERA33]

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