Gains from trade will be possible as long as
A) people have different endowments.
B) people place different values on some goods.
C) marginal rates of substitution are equal across individuals.
D) excess supply equals excess demand.
B
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If Techland's government reduces tax rates, ________
A) the economy's labor demand curve will shift to the left B) the economy's labor supply curve will shift to the left C) the economy's aggregate supply curve will shift to the left D) the economy's labor demand curve will shift to the right
A(n) ________ is an example of a quota where foreigners hold quota licenses
A) voluntary export restraint B) embargo C) auction quota D) All of the above
If the United Kingdom imports tea cups from other countries, then U.K. producers of tea cups are better off, and U.K. consumers of tea cups are worse off, as a result of trade
a. True b. False Indicate whether the statement is true or false
Every trading day, a total of roughly a ______ dollars in currency trades hands in the foreign exchange markets.
a. thousand b. million c. billion d. trillion