Match the terms on the left with the definition in the column on the right

Match:
1 A) B) C) D) E) F) G) H) I) J) K) L) elasticity 2 A) B) C) D) E) F) G) H) I) J) K) L) price elasticity of demand 3 A) B) C) D) E) F) G) H) I) J) K) L) consumer surplus 4 A) B) C) D) E) F) G) H) I) J) K) L) price elasticity of supply 5 A) B) C) D) E) F) G) H) I) J) K) L) producer surplus 6 A) B) C) D) E) F) G) H) I) J) K) L) arbitrage 7 A) B) C) D) E) F) G) H) I) J) K) L) Opportunity cost 8 A) B) C) D) E) F) G) H) I) J) K) L) World price 9 A) B) C) D) E) F) G) H) I) J) K) L) Demand for imports 10 A) B) C) D) E) F) G) H) I) J) K) L) Supply of exports 11 A) B) C) D) E) F) G) H) I) J) K) L) One-dollar, one-vote metric 12 A) B) C) D) E) F) G) H) I) J) K) L) Net national gains from trade			Answer choices for questions 1 through 12 A) the increase in the economic well-being of producers who are able to sell the product at a market price higher than the lowest price that would have drawn out their supply. B) the value of other goods and services that are not produced because resources are instead used to produce another good C) Says that the analyst will value any dollar of gain or loss equally regardless of who experiences it D) the free-trade equilibrium price E) the percent change in quantity demanded resulting from a 1% increase in price. F) buying something in one market and reselling the same thing in another market to profit from a price difference G) The difference between what one group gains and what the other group loses within a country. H) the percent change in one variable resulting from a 1% change in another variable. I) the increase in the economic well-being of consumers who are able to buy the product at a market price lower than the highest price that they are willing and able to pay for the product. J) the percent increase in quantity supplied resulting from a 1% increase in market price. K) Excess demand for a good within a country’s national market L) The excess supply of a good in the rest-of-the-world market