"International trade" refers to:
A. purchasing or selling currently produced goods or services across an international border.
B. any transaction across an international border.
C. any financial transaction across an international border.
D. buying or selling of preexisting assets across an international border.
A. purchasing or selling currently produced goods or services across an international border.
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If transactions costs are low, then assigning property rights in a market with external costs
i. increases the deadweight loss. ii. means private transactions are efficient. iii. means that only consumers must pay the external costs. A) i only B) ii only C) ii and iii D) i and iii E) i and ii
Market demand is
A) the total quantities demanded of all consumers of a particular item at given prices. B) a movement along the demand curve in response to the market. C) total equilibrium demand for the market. D) the demand for and supply of a good or service.
Which of the following statements about markets is true?
a. Markets reduce the opportunity costs of making exchanges. b. Markets expand the range of buyers and sellers available as counterparties. c. Markets increase the transaction costs of making exchanges. d. Markets increase the costs of information.
John Maynard Keynes was the son of
A) one of the first female students to attend Cambridge University. B) Russian ballerina Lydia Lopokova. C) the mayor of London. D) an eminent economist. E) a and d