Whenever a buyer and a seller agree to trade, both must believe they will be made better off
A) unless the buyer resides in a different country than the seller. International trade may make the buyer or seller worse off.
B) unless one party is richer than the other.
C) only if the buyer and seller live in countries with market economies.
D) whether the buyer and seller live in the same (or different) city or country.
Answer: D
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Sometimes what we think is a collective consumption good only has those characteristics because of _____
a. high fixed costs. b. private production c. economies of scale d. government production
A supply curve shows the relationship between:
A) output and the total cost of production. B) output and prices. C) output and consumer income. D) output and revenue.
Cross elasticity tells a manager that the product they produce is
A) a countercyclical good. B) a cyclical good. C) a luxury. D) a substitute or complement to other goods.
Which of the following promoted legislation that would give private citizens greater information regarding public policymaking?
a. The Keynesians b. The monetarists c. The new classicals d. The traditional classicals e. The consumer advocates