In an economy with no government and no international trade, consumption expenditures will be less than the total value of goods and services when
A) people save some of their income.
B) people barter rather than use money in making exchanges.
C) saving is zero.
D) investment is zero.
A
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Which of the following is a true statement about obstacles to increased economic integration?
A) Countries generally agree about appropriate environmental standards. B) Domestic policies do not affect international trade. C) Production changes due to trade redistribute income fairly. D) Adopting common standards gives an advantage to firms that already meet those standards.
Economic efficiency is achieved
a. when all resources are fairly allocated b. when an economy is producing the maximum possible amount of goods and services c. when production or allocation of goods cannot be rearranged to make one person better off while harming no one else. d. if production or allocation of goods cannot be rearranged to make at least one person better off e. if production or allocation of goods cannot be rearranged in a way the benefits more people than it harms