Trade, whether between individuals or nations, will not take place unless
A. there is one commodity and one currency.
B. at least one participant expects to gain from the trade.
C. both participants expect to gain from the trade.
D. each side has an absolute advantage.
C. both participants expect to gain from the trade.
You might also like to view...
Pollution problems generally represent
A) cases of good versus evil. B) cases of villain versus victim. C) morally neutral disagreements over competing uses of a scarce resource. D) Both a and b are correct.
Which of the following represents the true economic cost of production when firms produce goods that generate negative externalities?
A) the private cost of production B) the external cost of production C) the social cost of production D) the explicit cost of production
In the table above, if Brent maximizes his utility by consuming 3 bags of popcorn and 3 bottles of soda, then the ratio of the price of popcorn to the price of soda is expected to be
A) 1/2. B) 5/6. C) 6/5. D) 2.
Review the following statement. "He who has choice has pain." What is meant by this?
What will be an ideal response?