When trade is free, patterns of trade and trade flows result from
A. the collective decisions of a few importers and exporters, as well as the governments of the countries in which they reside.
B. the collective decisions of a few importers and exporters, as well as millions of private households and firms.
C. the independent decisions of thousands of importers and exporters, as well as the governments of the countries in which they reside.
D. the independent decisions of thousands of importers and exporters, as well as millions of private households and firms.
Answer: D
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It is relatively easy for a firm to enter a perfectly competitive market.
Answer the following statement true (T) or false (F)
When taxes paid by a check are deposited in tax and loan accounts,
A) bank reserves and the money supply are unaffected. B) bank reserves fall but the money supply is unaffected. C) bank reserves are unaffected but the money supply falls. D) bank reserves and the money supply fall.
When determining her accounting profit, an entrepreneur would include
A) her foregone wages. B) her foregone interest. C) her foregone rent. D) all of the above. E) none of the above.
Activists believe ________
A) the self-correcting mechanism in the economy is very slow B) in the adoption of policies to eliminate excessive unemployment C) doing nothing will leave too many people out of work for too long D) all of the above E) none of the above