richer, ceteris paribus, because transaction costs will be lower and trade greater
What will be an ideal response?
Exchange permits trading partners to expand their total output of goods and services as the result of greater specialization in areas where each has a comparative advantage
Economics
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Why does even a free market economy need some government intervention?
a. to provide for things that the marketplace does not address b. to ensure that the government has the freedom to tax as necessary c. to make sure that the government can fulfill its needs for military personnel d. so that the government has some control over factor resources
Economics
Other things equal, when the price of a good falls, the
a. quantity supplied of the good increases. b. supply decreases. c. quantity supplied of the good decreases. d. demand increases.
Economics