A mugger steals $25 from John Doe. What can an economist conclude?
A) Nobody gained in the "exchange."
B) Both parties gained in the "exchange."
C) Only the mugger's wealth has increased.
D) Nothing, because economists study strictly voluntary exchanges.
C
Economics
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An increase in a country's net commodity terms of trade will
A) not always guarantee positive changes in the country's economy. B) always increase the country's economic welfare. C) always increase the country's real income. D) never increase the country's quantity of exports. E) always increase the country's production of its import competing good.
Economics
Which of the following expresses the equation of exchange?
A. MP = VY B. MV = PY C. MV = Y D. MY = PV
Economics