Trade between countries tends to
a. reduce both competition and specialization.
b. reduce competition and increase specialization.
c. increase competition and reduce specialization.
d. increase both competition and specialization.
d
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Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450. If you do not use the frequent-flyer coupon to fly to Miami, should you go to Miami?
A. Yes, your benefit is equal to your cost. B. Yes, your benefit is more than your cost. C. No, your benefit is less than your cost. D. No, because there are no benefits in the trip.
In an auction where the bidders values are $740, $700, $660, $650, $400, $325 and $300, the highest three bidders decide to form a bid-rigging cartel. What would the winning bid have been without the cartel?
a. $741 b. $701 c. $661 d. $631
One reason that private solutions to externalities do not always work is that
a. government intervention negates the benefits of positive externalities. b. some people benefit from externalities. c. interested parties incur costs in the bargaining process. d. charities are not well organized.
If a household's opportunity cost of performing a task is above the market price, then household usually performs that task
Indicate whether the statement is true or false