A nation benefits from international trade if it:
a. exports more than it imports.
b. imports more than it exports.
c. imports goods for which it is a low opportunity cost producer.
d. exports goods for which it is a low opportunity cost producer.
d
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A command economic system does not need to be concerned with what to produce, how to produce things, or who will get the goods and services produced
a. True b. False
In a perfectly competitive market, which two conditions must be met to achieve long-run equilibrium?
a. Productive efficiency and allocative efficiency b. Allocative efficiency and profit maximization c. Productive efficiency and low average costs d. Zero economic profits and zero accounting profits
Scarcity forces us to
a. limit our wants b. expand our resources c. produce more than we consume d. produce whatever we consume e. choose
Riley travels a great deal, and over the past several years he has read dozens of reviews of hotel chains, all of which rave about the clean rooms and great service at Comeon Inns. Last month, Riley checked into a room at a Comeon Inn for the first time, only to find the room filthy and the service lousy. He decided the Comeon Inn chain is inferior to other hotel chains
a. Riley was irrational to have believed the reviews that he had read. b. Riley was rational to have changed his mind about Comeon Inns based on his one experience. c. Riley is an example of someone who gives too much weight to a small number of vivid observations. d. Riley is an example of someone who is reluctant to change his mind.