Which of the following is (are) the typical assumption(s) used in the study of mutually beneficial trades?
A) Each agent maximizes her utility.
B) Agents have convex-shaped indifference curves.
C) An agent's utility is not interdependent of the other agents' utilities.
D) All of the above.
D
Economics
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The production possibilities frontier is the boundary between
A) those combinations of goods and services that can be produced and those that can be consumed. B) those resources that are limited and those that are unlimited. C) those combinations of goods and services that can be produced and those that cannot. D) those wants that are limited and those that are unlimited.
Economics
A general policy of imposing trade restrictions is called
a. protectionism b. import substitution c. quantitative restrictions d. effective protection e. all of the above
Economics