Most international trade takes place between countries that are far away from each other

Consider an economy with an adult population of 100, 50 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The labor force participation rate is _____

a. 100 percent b. 60 percent c. 50 percent d. 40 percent e. 10 percent

If the market equilibrium quantity is less than the socially optimal quantity, one can infer that:

A. the private demand curve for the activity is above the socially optimal demand. B. the private supply curve for the activity is below the socially optimal supply curve. C. there is a negative externality associated with this good. D. there is a positive externality associated with this good.