A game in which one firm's gain must equal the other firm's loss is called a:
A. Positive-sum game
B. Zero-sum game
C. Negative-sum game
D. One-time game
B. Zero-sum game
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Most currency trades in London do not involve the British pound
Indicate whether the statement is true or false
Suppose MRTS is not the same across all producers. In this case, the economic outcome is not fully efficient because:
A) exchange is inefficient. B) the use of inputs in production is inefficient. C) the mix of outputs in inefficient. D) none of the above
International trade between countries typically produces a winner and a loser. Generally, it is the economically more advanced country that gains at the expense of the less developed nation
a. True b. False
Which of the following is false?
A) Under free banking, banks would not be subject to any special regulations beyond those which are required of other businesses. B) Under free banking, banks would be allowed to issue their own currency. C) The government would largely control the actions of banks under free banking. D) The market forces would raise or lower the money supply under free banking.