The gains from specialization in international trade accrue strictly from the principle of absolute advantage
Indicate whether the statement is true or false
F
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Economists James Buchanan and Gordon Tullock are well-known for developing
A) the concept of government failure. B) the voting paradox. C) the impossibility theorem. D) the public choice model.
Jim is haggling with a car dealer on the price of a used car. If the dealer is getting a bonus per sale made, in addition to the commission, the storekeeper's
a. Disagreement value increases b. Eagerness to agree increases c. Disagreement value decreases d. Both B&C
Among the impediments to the international mobility of capital are
a. restrictions on foreign ownership. b. fear of nationalization or political instability. c. fluctuations in exchange rates. d. All of the above are correct.
Firms earning negative profits in the short run should always shut down.
Answer the following statement true (T) or false (F)