Whenever a buyer and a seller agree to trade, both must believe they will be made better off
A) whether the buyer and seller live in the same city or different countries.
B) only if the buyer and seller live in countries with market economies.
C) unless one party is richer than the other.
D) unless the buyer resides in a different country than the seller. International trade may make the buyer or seller worse off.
A
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The main role of financial intermediaries is to
A) provide funds to the federal government to cover the budget deficit. B) borrow funds from savers and lend them to borrowers. C) provide advice to consumers on how they should handle their finances. D) help ensure that there is enough money in circulation.
Which of the following is not a characteristic of the classical system?
a. temporary excess demand and supply in labor markets. b. Price flexibility c. Money wage flexibility d. real values, not nominal values, matter