Voluntary exchange results in mutual gains
a. True
b. False
Indicate whether the statement is true or false
True
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Which branch of economics considers that economic agents do not always act rationally?
A) Microeconomics B) Macroeconomics C) Behavioral economics D) Econometrics
_____ improves exchangeability, and reduces the cost of obtaining information about a good and about the parties involved in the transaction
a. De-integration b. Outsourcing c. Vertical integration d. Standardization
Higher levels of human capital are correlated with higher earnings because firms are willing to pay more for better-educated workers who have higher marginal productivities
a. True b. False Indicate whether the statement is true or false
Which of the following describes how import quotas on sugar generally affect consumer surplus as shown in Exhibit 2?
a. eliminated
b. unchanged
c. decreased
d. increased