The figure above shows the production possibilities frontiers for the United Kingdom and France. If the United Kingdom and France specialize and engage in trade, the United Kingdom will export ________ and France will export ________
A) fish; wheat
B) wheat; wheat
C) fish; fish
D) nothing; nothing
E) wheat; fish
A
Economics
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Retailers and other middlemen provide benefits to patrons
A) because people don't realize how much they could save by cutting out middlemen. B) but the middlemen benefit far more. C) by lowering the cost to their customers of acquiring valuable information. D) only because their customers are irrational.
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The water and diamonds paradox of value results from
A) the concept of deadweight loss. B) the "law of demand." C) diminishing marginal utility. D) the elasticity of demand.
Economics