Economists argue that unhindered international trade leads to an efficient outcome. What is meant by "an efficient outcome" in this context?
A) an outcome in which wages are roughly equal around the world
B) an outcome in which the standard of living is roughly equal around the world
C) an outcome in which an individual can choose to specialize in a certain line of work and be certain that he or she can make a living at that until retirement
D) an outcome in which resources are devoted to their most efficient use
D
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Adding wages, interest, rent, and profits yields
A) net domestic product at factor cost. B) gross domestic product at factor cost. C) total expenditure. D) GNP. E) gross domestic product.
Today, you might be buying from a regulated natural monopoly when you purchase
A) a car, a truck, or a bicycle. B) a computer, a phone, or a camera. C) natural gas or electricity. D) a house, a condominium, or a plot of land. E) food in a grocery store or in a restaurant.