Gain from trade is the increase in total production due to specialization allowed by trade.
Answer the following statement true (T) or false (F)
True
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The U.S. macroeconomic experience of the early to mid-1980s is an example of how
A) reducing inflation comes at the cost of a permanent reduction in real GDP. B) reducing inflation comes at the cost of a temporary reduction in real GDP. C) reducing inflation can be done costless by simply increasing the money growth rate. D) increasing the money growth rate affects inflation alone, and not real GDP.
The government tries to protect the competitive economic system by passing and enforcing
A. antitrust laws. B. building codes and zoning laws. C. price controls. D. tariff legislation.
According to the ________ theory of regulation, regulators must take into account the preferences of legislators, consumers, and producers.
A. share-the-gains, share-the-pains B. public interest C. capture D. general interest
A change in which variable will change the market demand for a product?
A) the price of the product B) population C) technology D) the prices of substitutes in production