Test Bank for Microeconomics Principles And Policy 13th Edition William J. Baumol, Alan S. Blinder
True / False 1. Both parties gain in a voluntary exchange. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Scarcity, tradeoffs, and o - DISC: Scarcity, tradeoffs, and opportunity cost NATIONAL STANDARDS: United States - BPROG: Analytic ACCREDITING STANDARDS: The study of economics, and defi - The study of economics, and definitions of economics TOPICS: DISC: Gains from trade, specialization and trade KEYWORDS: BLOOM'S: Knowledge 2. Even though international trade in undertaken voluntarily, a country that engages in trade may not benefit from it. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Scarcity, tradeoffs, and o - DISC: Scarcity, tradeoffs, and opportunity cost NATIONAL STANDARDS: United States - BPROG: Analytic ACCREDITING STANDARDS: The study of economics, and defi - The study of economics, and definitions of economics TOPICS: DISC: Gains from trade, specialization and trade KEYWORDS: BLOOM's: Knowledge 3. In international trade, one country's gain is another country's loss. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Scarcity, tradeoffs, and o - DISC: Scarcity, tradeoffs, and opportunity
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