A voluntary export restraint occurs when one country prevents a specific product from being imported from another country
Indicate whether the statement is true or false
FALSE
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In the presence of a negative externality
a. there is an overallocation of resources to production b. the competitive equilibrium will not achieve an allocatively efficient solution c. MSC exceeds MSB at the competitive output level d. all of the above e. (a) and (b) only
Daniel enjoys both soda and pizza, allocating his purchases across these two goods so that his utility is maximized. If Daniel receives one-third as much utility from the last can of soda as from the last slice of pizza, we can say that:
a. the price of pizza is one-third that of soda. b. the price of pizza is equal to that of soda c. the price of pizza is twice that of soda. d. the price of pizza is three times that of soda.
When the public debt is held by foreigners, it is not a real burden on real domestic output.
Answer the following statement true (T) or false (F)
The rationality assumption states that
A) all actions taken by consumers are based on what is good for society. B) people make decisions regardless of how the outcome will affect them. C) people make decisions to buy only those goods that they need rather than goods that they want. D) people do not intentionally make decisions that would leave them worse off.