Mutually beneficial trade is possible because of differing marginal utilities.
Answer the following statement true (T) or false (F)
True
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What does a household's budget line show?
What will be an ideal response?
Everything else held constant, a decrease in net exports ________ aggregate ________
A) increases; demand B) decreases; demand C) decreases; supply D) increases; supply
What determines the proportion of a unit excise tax that will be passed on to consumers in the form of higher prices?
A) the nature of the projects funded by the tax B) the number of additional taxes that consumers have to pay C) the popularity of the tax D) the degree to which quantity demanded and supplied of the good respond to price changes
To an economist, an increase in demand means the same thing as an increase in quantity demanded
Indicate whether the statement is true or false