One of the major reasons why nations trade is that
A. nations choose to trade for largely unknown reasons.
B. resources are not equally distributed across the planet.
C. nations wish to exert cultural influence abroad.
D. nations wish to copy others and need imports to study.
Answer: B
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The Law of Demand is the reason behind:
A) the price elasticity of demand having a positive value. B) the income elasticity of demand having a positive value. C) the price elasticity of demand having a negative value. D) the income elasticity of demand having a negative value.
A ________ externality occurs when a market transaction affects others through market prices
A) positive B) negative production C) negative consumption D) pecuniary
Refer to the Article Summary. The article discusses wealth inequality, and for some people this means a more equitable distribution of wealth is needed in the economy
Would an equitable distribution of wealth necessarily be the most efficient distribution of wealth? A) No, it is impossible to have an economically efficient distribution which is also an equitable distribution. B) Yes, equitable and efficient are two different words which have the same definition. C) Yes, in order for the distribution to be equitable, it must also be efficient. D) No, an economically efficient distribution of wealth would not necessarily be equitable.
The slope of an individual's "consumption-leisure" budget constraint is:
a. 24 hours minus the number of leisure hours. b. total consumption divided by the wage rate. c. the real wage rate. d. the negative of the real wage rate.