Free trade _____ the efficient use of resources within a country.
Fill in the blank(s) with the appropriate word(s).
might increase
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The return to the entrepreneur for organizing, producing, and risk-taking in the operation of the business is
a. rent. b. equal to total revenue. c. equal to total cost. d. total profit.
In 1982 the CEO of American Airlines spoke on the telephone to the CEO of Braniff Airlines. The CEO of American Airlines proposed that the two airlines fix prices. The CEO of Braniff Airlines rejected the proposal. The CEO of American Airlines:
A) was within his 1st Amendment right to free speech. B) was in violation of the antitrust laws which prohibit price fixing. C) was in violation of the antitrust laws which prohibit predatory pricing. D) Both B and C are correct. E) None of the above is necessarily correct.
Given two economic systems, A and B, if economy A has a comparative advantage in the production of widgets, then
A) the inputs necessary to produce widgets in economy A cost less than in economy B. B) economy A must give up less of all other goods to produce widgets than economy B. C) economy A is less efficient in the production of some goods than economy B. D) economy A would not benefit from the specialization of production.
What is the difference between economic efficiency and equity?
What will be an ideal response?