Which of the following is true about producer surplus? a. ...

[rachel9]

Which of the following is true about producer surplus?
 a. Producer surplus is how much more it costs sellers than they are paid.
 b. Producer surplus is shown graphically as the area under the demand curve but above the supply curve.
  c. An increase in the market price due to an increase in demand will increase producer surplus.
 d. All of the above are true about producer surplus.

Question 2

The primary objective of inward-oriented strategies is:
 a. to raise government revenue through tariffs and other import taxes.
  b. to lower the domestic price of imports.
  c. to replace imported manufactured goods with domestic goods.
  d. to encourage imports through reduction of tariff and non-tariff barriers.
  e. to encourage the production of those goods in which the country has an absolute advantage.

[JCABRERA33]

Answer to Question 1

c

Answer to Question 2

c