Voluntary trade promotes economic progress because it
a. encourages individuals to become self-sufficient.
b. benefits buyers at the expense of sellers.
c. makes larger outputs possible as a result of specialization.
d. moves goods, services and resources from people who value them more to individuals who value them less.
c. makes larger outputs possible as a result of specialization.
Economics
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The marginal propensity to import (mpi), where M = imports, is defined as
A) M * Y. B) ?M/?Y. C) M - Y. D) ?M * ?Y.
Economics
A market structure in which one firm produces a good or service that has no close substitutes is called
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.
Economics