________ economic growth occurs when, after growth, exports and imports rise by the same proportion

When buyers and sellers optimize in a perfectly competitive market, ________

A) social surplus is maximized B) social surplus is minimized C) only consumer surplus is maximized D) only consumer surplus is minimized

"Wants" as an economic concept includes

A) both material and nonmaterial desires. B) only the purchase of necessary basic goods. C) only the desire for luxury goods. D) only goods and services that consumers need but cannot afford to buy.