Which of the following is an outcome of trade depicted in Exhibit 4?
a. Through trading with Calvin, Wendy’s food production has declined from 10 pounds to 7 pounds per day.
b. The exchange has been unfair to Wendy because a pound of her food is more valuable than a pound of Calvin’s cloth.
c. The exchange has been unfair to Calvin because he has only 3 pounds of food, whereas Wendy has 7 pounds.
d. Wendy and Calvin each enjoy a larger combination of food and cloth than they could have produced alone.
d. Wendy and Calvin each enjoy a larger combination of food and cloth than they could have produced alone.
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Answer the following statement true (T) or false (F)
J.P. Morgan was instrumental in the formation of:
a. Ford Automobiles. b. U.S. Steel Corporation. c. Standard Oil. d. Swift Meats.
Under the bimetallic standard of the 19th century:
a. the amount of money in circulation increased. b. the American dollar served poorly as a unit of account. c. only one metal tended to circulate as money at any given time. d. the government earned profits by selling gold.
In the Easy Step Interview, you must identify:
a. Type of Industry b. Company name c. Company address d. All of these