Voluntary trade promotes economic progress because it
What will be an ideal response?
makes larger outputs possible as a result of specialization.
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Under the kinked demand curve model, a small increase in marginal cost will lead to
A) an increase in output level and a decrease in price. B) a decrease in output level and an increase in price. C) a decrease in output level and no change in price. D) neither a change in output level nor a change in price.
The Federal Reserve is
A. a system of banks that includes all private banks. B. one single bank. C. a system of 12 banks located all around the country. D. a system of 12 banks all located in Washington, DC.
The account that shows international transactions involving financial transactions (stocks, bonds, bank loans, etc.) is called the
A) trade balance. B) current account. C) balance of payments. D) capital account.
Diminishing marginal productivity implies decreasing total product
a. True b. False Indicate whether the statement is true or false