A truly voluntary exchange
A) has nothing to do with values, only with things.
B) is always an exchange of equal values.
C) is not an exchange of equal values.
D) is usually an exchange of equal values.
C
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Which of the following does free trade encourage?
A) higher rates of economic growth B) more rapid spread of technology C) domestic industries' access to larger markets D) all of the above
When a business fails to cover sunk costs, it usually
A) declares a stock split. B) declares bankruptcy. C) does not immediately stop operating. D) stops operating until sunk costs are recovered.
Define the following terms and explain their importance to the study of economics. a. price elasticity b. complements c. substitutes d. cross elasticity e. supply elasticity
What will be an ideal response?
A perfectly competitive market is characterized by highly advertised goods
a. True b. False Indicate whether the statement is true or false