One of the biggest benefits of the Internet auction site eBay
A) is its control over prices.
B) is that it increases the supply of products.
C) is that it increases the demand for products.
D) is that it reduces transaction costs for both sellers and buyers.
D
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Refer to the scenario above. If the size of population is same in both the countries, at the steady-state equilibrium:
A) the GDP per capita of country A will be higher than that of country B. B) the GDP per capita will be the same in both countries. C) the capital stock will be the same in both countries. D) the GDP per capita of country B will be higher than that of country A.
As of 2008, the members of the WTO account for 97 percent of the world's international trade
Indicate whether the statement is true or false
From 1945 until 1973, the U.S. economy experienced ________
A) rapid inflation B) no major recessions or depressions C) minimal interaction with the global economy D) all of the above E) none of the above
In a free market system, competition generates economic efficiency only when
A) individuals take into account the full opportunity cost of their actions. B) consumers are motivated by a sense of the greater good, not their own self-interest. C) firms are motivated by a sense of the greater good, not their desire for profit. D) economic decisions are taken out the hands of individuals and placed in the hands of government officials.