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Author Question: How do imports affect buyers' consumer surplus? What will be an ideal ... (Read 70 times)

jilianpiloj

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on: Jun 29, 2018
How do imports affect buyers' consumer surplus?
 
  What will be an ideal response?

Question 2

An example of household production excluded from GDP is
 
  A) household cleaning services provided by Merry Maids Incorporated.
  B) child care provided by a certified nanny.
  C) tree trimming you provide at your parents' home.
  D) plumbing work completed by Joe Fix-it.
  E) lawn care provided by a local lawn care company.


epscape

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Consumer surplus increases. It increases because imports lower the price of the good being imported, so buyers purchase more of the good and hence their consumer surplus increases.

Answer to Question 2

C


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