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Questions and Answers
Which one of the following is a trade-off that individuals face according to Principle 1?
Which one of the following is a trade-off that individuals face according to Principle 1?
- Specialization vs. Self-sufficiency
- Efficiency vs. Equality (correct)
- Market vs. Society
- Buyers vs. Sellers
According to Principle 5, how can trade benefit individuals and countries?
According to Principle 5, how can trade benefit individuals and countries?
- Increase self-sufficiency
- Buy goods at a higher price
- Produce goods at home
- Specialize in producing one good or service (correct)
What is a market according to Principle 6?
What is a market according to Principle 6?
- A place where goods are produced
- A single location where buyers and sellers meet
- A group of buyers and sellers (correct)
- An economic activity organized by society
According to Principle 2, what is the cost of something?
According to Principle 2, what is the cost of something?
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Which principle states that society faces a trade-off between efficiency and equality?
Which principle states that society faces a trade-off between efficiency and equality?
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