If two persons trade, one must gain at the expense of the other.
Answer the following statement true (T) or false (F)
False
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When consumers or businessmen stop collecting information to make decisions at the point where marginal cost of data collection equals the marginal utility of the data, economists would call the decisions based on existing data
a. perfect decisions. b. optimally imperfect decisions. c. joint decisions. d. rent seeking.
Which of the following statements is true about the U.S. economy?
A. The United States produces less than one-third as much as Japan does. B. The United States produces less than half as much as China does. C. The United States has the world's third largest economy. D. The United States produces nearly one-fifth of the world's production.
Refer to the above graph. At output level H, the area:
A. 0CGH represents the firm's variable cost of production. B. 0CGH represents the firm's fixed costs of production. C. ACGE represents the firm's economic profit. D. 0AEH represents the firm's economic profit.
Today the United States spends as much on defense as _____ of the nations combined.
Fill in the blank(s) with the appropriate word(s).