Use the following to answer questions 21-22.  Figure: Gains from Trade (Figure: Gains from Trade) Refer to the figure. What are the unexploited gains from trade at the free market equilibrium?

The basic postulate of economics indicates that changes in incentives influence the:

Which is a positive economic statement?

Use the midpoint method to answer this question. When a good’s price increases from $20 to $30 and its quantity demanded decreases from 100 to 90, using the midpoint method, the elasticity of demand for that good is

Consider the (world) market supply curve for oil. Saudi oil production inhabits the _____ part of the curve, and Canadian oil production inhabits the _____ part of the curve.

(Table: iPhone and iPod Production) Assuming both the United States and Canada  specialize in the good for which they each have comparative labor advantage, which of the following answers identifies a trade price that both countries would find acceptable? (Assume each country has 12 laborers.)

Are earbuds, headphones or ear devices allowed while taking test or recording oral presentations.

At this point in time, please show your phone to the camera. Afterward, please stand up and place the phone out of arm’s reach behind you (while remaining in view of the camera), so that we can confirm the phone remains out of reach from where you will be working for the entire duration of the assessment. Note: Please make sure you do not simply show your phone and then place it next to you on the desk; the phone cannot be within arm’s reach. If you do not have any furniture behind you, I recommend you pull up a chair and rest your phone on the chair. By selecting “True” below, you certify that you have completed the above procedures.

The following information relates to the Sweet Corporation’s (“the Company”) potentially dilutive securities that exist as of the end of 2025. If relevant, assume the Company is subject to a tax rate of 20%. On January 1, 2025, the Company issued $600,000 of 9%, 15-year convertible bonds at 103. The bonds have a par value of $1,000, with interest payable annually on January 1. Each bond is convertible into 19 shares of the Company’s $10 par common stock. The fair value of the equity component on the date of issuance is $25 for each bond. The Company uses the straight-line method to amortize any discount or premium. On January 1, 2025, the Company granted 9,000 options to key executives. Each option can be exercised to purchase one share of the Company’s $10 par common stock at $35 each. None of the options have been exercised as of the end of 2025. The average market price of the Company’s stock during 2025 was $27.

Let be the set of automobile in the world. Determine whether the two binary relations on defined below are reflexive, irreflexive, symmetric, antisymmetric and transitive? Support your answer, for each property, with a general proof or a counterexample.