One of the major reasons why nations trade is that
A. nations choose to trade for largely unknown reasons.
B. resources are not equally distributed across the planet.
C. nations wish to exert cultural influence abroad.
D. nations wish to copy others and need imports to study.
Answer: B
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A tax cut ________ disposable income, ________ consumption expenditure, and shifts the IS curve to the ________, everything else held constant
A) increases; increases; right B) increases; decreases; right C) decreases; increases; left D) decreases; decreases; left
The key difference between the Pareto optimality and Pareto superiority is that ______
a. Pareto optimality is incompatible with utilitarianism, while Pareto superiority is compatible b. Pareto superiority is superior to Pareto optimality c. Pareto optimality requires interpersonal utility calculations, while Pareto superiority does not d. Pareto optimality refers to a state of the world while Pareto superiority compares two states of the world