Historical evidence suggests that:
A) command economies perform better than free economies in the long run.
B) free economies perform better than command economies in the long run.
C) social surplus is maximized in a command economy.
D) social surplus is minimized in a free economy.
B
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Using the figure above, if Jack and Jill specialize and gain from trade, then
A) Jack specializes on the production of soda and water. B) Jack specializes in the production of soda. C) Jack produces equal amounts of gallons of water and bottled water. D) Jack specializes in the production of bottled water. E) Jack and Jill produce beyond their PPF.
Can the same principles that have been used in the study of advanced economies be used to study less developed economies as well? Explain your answer
What will be an ideal response?