A ________ is the price at which a trading partner is indifferent between making the trade and not doing so
A) market value
B) reservation value
C) shadow value
D) discounted value
B
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Changes in interest rates cause the same rotations of intertemporal budget lines regardless of whether you are a borrower or a saver.
Answer the following statement true (T) or false (F)
In a bilateral monopoly with one buyer and one seller, the monopoly power of the seller and the monopsony power of the buyer tend to:
A) reinforce one another. B) counter-act one another. C) favor the buyer. D) favor the seller.
During World War II, price supports for agriculture:
a. were not generally needed because of high demand. b. were considered by Congress but never enacted. c. were rescinded in order to encourage reductions in output. d. led to decreases in the supply of many products.
Spending on imports should get _________ GDP, and spending on exports should be __________.
A. subtracted from; included B. included in; included as well C. subtracted from; subtracted as well D. included in; subtracted