What is the significant feature of a preferential arrangement?
What will be an ideal response?
It is created with unilateral action, as in the U.S. lowers barriers specifically to a nation without asking for reciprocity.
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Stagflation in an economy can be effectively controlled by Keynesian demand management policies
a. True b. False Indicate whether the statement is true or false
Choices need to be made because of all of the following, except limited _____
a. resources b. income c. wants d. time e. availability of goods
What is a problem with anti-trust laws involving restrictive practices?
a. The practices are not always illegal. b. So many firms engage in the practices, it is hard to prosecute all the firms. c. The practices do not cause prices to increase in all cases. d. What practices are illegal is clearly understood.
To economists, a game is:
A. a trivial pursuit that should not be used to analyze the economy or its actors. B. any situation in which players pursue strategies designed to achieve their goals. C. a way to simplify and minimize the true importance of situations like war. D. All of these statements are true.