With voluntary exchange, a buyer and seller agree to do business together
a. only for the benefit of the seller
b. only for the benefit of the buyer
c. for the mutual benefit of both
d. for the benefit of neither
Ans: d. for the benefit of neither
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Because inflation was not a serious problem during the Great Depression, Keynes's analysis assumed
A) that unemployment also was not a problem. B) that the money supply was fixed. C) that the price level was fixed. D) that monetary policy is not effective.
When uncertainty over the timing of death is added to the LCH, this ________ the planning horizon and ________ the MPC for transitory income
A) shortens, raises B) shortens, lowers C) lengthens, raises D) lengthens, lowers
A firm should always shut down if its revenue is
A) declining. B) less than its average fixed costs. C) less than its total costs. D) less than its avoidable costs.
Allocative efficiency means that
a. firms have maximized production b. all mutually beneficial trades have taken place c. the next unit sold will increase total surplus d. producer surplus is maximized e. no mutually beneficial trades have occurred