(Figure: Gains from Trade) Refer to the figure. What are the total gains from trade at the free market equilibrium?

Use the following to answer questions 19-20.  Figure: Price and Quantity 1 (Figure: Price and Quantity 1) In the diagram, at which price is there a surplus?

Figure: Drums and Shoes Which of the following statements is most consistent with the above production possibilities frontier? Choose the best answer.

Which is a positive economic statement?

(Figure: Price and Quantity 1) In the diagram, at which price is quantity demanded equal to the quantity supplied?

If the price of cabbage falls by 2 percent and quantity supplied falls by 6 percent, the elasticity of supply is ______ , so supply is ______.

Use the following to answer questions 9-10. (Table: Production Possibilities for Italy and Belgium) According to the table on production possibilities for Italy and Belgium, the opportunity cost of 1 pound of linen for Italy is:

Extensive flooding in the Midwest decreases the world supply of corn. If corn is inelastically demanded, what will happen to total revenues from corn production?

(Table: Production Possibilities for Italy and Belgium) According to the table on production possibilities for Italy and Belgium, Italy and Belgium both could benefit if Italy were to specialize in:

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