With which of the Ten Principles of Economics is the study of international trade most closely connected? ( )
A. People face tradeoffs.
B. Trade can make everyone better off.
C. Governments can sometimes improve market outcomes.
D. Prices rise when the government prints too much money.
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What is the fundamental basis for trade among nations? ( )
A. shortages or surpluses in nations that do not trade
B. misguided economic policies
C. absolute advantage
D. comparative advantage
price ceiling is ( )
A. often imposed on markets in which “cutthroat competition” would prevail without a price ceiling.
B. a legal maximum on the price at which a good can be sold.
C. often imposed when sellers of a good are successful in their attempts to convince the government that the market outcome is unfair without a price ceiling.
D. All of the above are correct.
A price floor is ( )
A. a legal minimum on the price at which a good can be sold.
B. often imposed when sellers of a good are successful in their attempts to convince the government that the market outcome is unfair without a price floor.
C. a source of inefficiency in a market.
D. All of the above are correct.
When shortage exists in market, sellers ( )
A. raise price, which increases quantity demanded and decreases quantity supplied until the shortage is eliminated.
B. raise price, which decreases quantity demanded and increases quantity supplied until the shortage is eliminated.
C. lower price, which increases quantity demanded and decreases quantity supplied until the shortage is eliminated.
D. lower price, which decreases quantity demanded and increases quantity supplied until the shortage is eliminated.
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