Voluntary exchange results in mutual gains

a. True
b. False
Indicate whether the statement is true or false


True

Economics

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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

Economics

_____ 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

Economics

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

Economics

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

Economics