International trade may make some individuals in a nation better off, while other individuals are made worse off
a. True
b. False
Indicate whether the statement is true or false
True
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Marginal social benefits are equal to
A. marginal private benefits + marginal internal benefits. B. marginal private benefits - marginal internal benefits. C. marginal private benefits + marginal external benefits. D. marginal private benefits - marginal external benefits.
The rule guiding international specialization of production is that a country should specialize in the production of the good
a. for which it has the highest opportunity cost b. for which it has the lowest opportunity cost c. that it most wants to consume d. for which it has an absolute advantage e. that it can produce with the least quantity of capital
If your income goes down, you will probably purchase fewer goods and services.
a. true b. false
All of the costs associated with regulation are borne by the firms being regulated.
Answer the following statement true (T) or false (F)