An argument in favor of multilateral trade liberalization (multilateralism) over preferential trade agreements (regionalism) is that multilateralism results in less trade diversion
Indicate whether the statement is true or false
TRUE
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When government outlays are less than tax revenues, the government has
A) a budget with a negative debt. B) a budget deficit. C) a budget with a positive balance. D) an illegal budget because outlays must exceed tax revenues. E) a budget surplus.
A person weighing uncertainty and risk is judging the ______ or likelihood of a good or bad outcome,
a. Probability b. Perception c. Psychological extent d. Unwillingness
If the rate of interest increases, firms will most likely respond by
a. increasing investment. b. decreasing investment. c. not changing investment. d. increasing capital stock.
The value that consumers get (from consuming a product) over and above what they actually paid for the product is called
A. consumption expenditures. B. consumer surplus. C. consumer demand. D. consumer utility.