International trade is most likely to occur whenever
a. one of the trading nations is self-sufficient
b. all of the trading nations are self-sufficient
c. one of the trading nations gains from trade
d. each of the trading nations gains from trade
e. labor is cheaper abroad
D
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Between 2007 and 2009, which of the following occurred in the United States, but not in the United Kingdom?
A) an increase in unemployment B) a negative demand shock C) a negative rate of inflation (i.e., deflation) D) a sharp increase in financial frictions E) a negative supply shock
Which of the following conditions, if present, is sufficient to make a game cooperative?
A) Individual payoffs are greater if all players choose the same strategy. B) Players can communicate with each other. C) Players can negotiate binding contracts committing them to particular strategies. D) Players must agree unanimously on any set of strategies. E) The payoff that is highest for all individuals together is also highest for each individual player.