In a "first-best" world
A. free trade benefits only the consumers of the importing country.
B. free trade benefits only the exporting nations.
C. each economy is self-sufficient enough not to indulge in free trade.
D. free trade is economically efficient.
Answer: D
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Comparative advantage is the rule that ordinarily prevents a nation from independently producing all of the goods it requires
a. True b. False Indicate whether the statement is true or false
According to influential moral philosopher Jeremy Bentham:
A. utility functions should provide cardinal information about preferences. B. the aim of public policy should maximize an individual's utility. C. utility functions should provide ordinal information about preferences. D. public policy decisions should be based on ordinal utility.