Studies of Convoys Found

question 6

Multiple Choice

Studies of convoys found

• A) those of the elderly average about five members.
• B) men usually dominate.
• C) some people drop out and others join the convoy after it has begun.
• D) members of convoys stay virtually the same throughout life.

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Definitions:

Total Surplus

The total net gain to consumers and producers from trading in a market, represented by the sum of consumer and producer surplus.

Employment

The condition in which an individual who is capable of working is engaged in a paid job.

Small Country Assumption

An economic model assumption that a country's market size is small enough that its actions do not affect world prices or incomes.

International Trade

The exchange of goods and services between countries, which can involve both importing and exporting.