Voluntary exchange requires that there must be mutual gain
a. True
b. False
Indicate whether the statement is true or false
True
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Depository institutions
A) make profit from the spread between the interest rate they pay on deposits and the interest rate they receive on loans. B) make a profit according to how much the Federal Reserve pays them. C) make their profit by charging the government for their services. D) make zero profit but receive compensation by the government because their services are so valuable.
International free trade always hurts the nations that run deficits, and benefits the nations that run surpluses
Indicate whether the statement is true or false
The prisoner's dilemma:
A. can be summarized in a payoff matrix. B. can involve two players. C. leads to a less-than-ideal outcome for all players. D. All of these statements are true.
The costs of labor and land used to produce a product is
A) administrative costs. B) costs of goods sold. C) net profit plus the cost of capital. D) none of these choices.