Free trade leads to an overall improvement in the standard of living in a country because everything is produced at the lowest possible cost
a. True
b. False
Indicate whether the statement is true or false
True
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The figure above shows the market for coffee. If one firm owns all the coffee outlets and sells 10 million pounds of coffee a month, the deadweight loss is
A) zero. B) $7.5 million. C) $15 million. D) $10 million
Refer to Figure 2-12. What is the opportunity cost of producing one gallon of milk in Bora Bora?
A) 1.5 gallons of honey B) 0.8 gallons of honey C) 1.125 gallons of honey D) 2/3 of a gallon of honey
The problem of "asymmetric information" is that the
A) lender knows more than the borrower. B) borrower knows more than the lender. C) borrower and lender have different goals. D) borrower and lender know the future much less than they do the present.
Which of the following countries has more even income distribution than the United States?
a. Canada b. Brazil c. Chile d. Nigeria e. Philippines