Millionaires do not face the problem of scarcity
a. True
b. False
Indicate whether the statement is true or false
False
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According to the graph shown, consumer surplus is:
A. $36.
B. $72.
C. $120
D. None of these.
Even when one country has an absolute advantage in all goods and another country has an absolute disadvantage in all goods, both countries can still benefit if they trade with each other
a. True b. False Indicate whether the statement is true or false
There is only one explanation for why economists give conflicting advice on policy issues, and it is that they have different values about what policy should try to accomplish
a. True b. False Indicate whether the statement is true or false
An incentive is:
A. the marginal cost of engaging in a course of action. B. rational behavior that involves thinking on the margin. C. something that causes people to behave in a certain way by changing trade-offs they face. D. the marginal benefit of engaging in a course of action.