A market for scalped tickets exists only because the ticket sales policies of the event promoter
A. were unjust and immoral.
B. exploited more opportunities for mutually beneficial trade than actually existed.
C. failed to exploit every opportunity for mutually beneficial trade.
D. created illusory opportunities for mutually beneficial trade.
Answer: C
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Which of the following is NOT a criticism of international institutions such as the IMF, the World Bank, or the WTO?
A) They lack openness in their decision-making process. B) They violate national sovereignty by imposing unwanted domestic policies. C) They fail to understand the effects of their policies on the vulnerable. D) Their decision making is biased in favor of underdeveloped nations and against the interests of nations already industrialized. E) They ignore potentially large adjustment costs for developing nations of implementing their policies.
The roles fulfilled by commercial banks and investment banks are:
A. not allowed to be done by the same bank. B. rarely done by the same bank. C. often done by the same bank. D. always done by the same bank.
The change in the level of planned spending that results from a change in the price level is indicated by the movement of the economy along a given
a. aggregate expenditure curve. b. aggregate demand curve. c. aggregate supply curve. d. both aggregate expenditure curve and aggregate demand curve.
In general, when a nation has an absolute advantage over other nations in a particular product, it can produce that product:
A. in greater absolute quantities. B. at a lower opportunity cost of production. C. with fewer inputs per unit. D. without sacrifices in terms of other products.