Price fixing is illegal in the United States
a. True
b. False
A
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The longest and most severe recession in the United States since 1925 began in:
A. 1945. B. 1982. C. 1957. D. 1929.
Define "externality." Give an example of an external cost. Explain why resources will not be allocated efficiently if externalities are present. How can the problem of externalities be addressed?
What will be an ideal response?
Both the standard of living and the growth of real GDP per person vary widely across countries
a. True b. False Indicate whether the statement is true or false
If nations trade on the basis of comparative advantage:
A. all trading partners can gain from trade. B. exporting nations gain from trade and importing nations lose. C. a nation usually can gain from trade only at the expense of its trading partners. D. importing nations gain from trade and exporting nations lose.