Questions and Answers
What is one of the reasons against trade mentioned in the text?
National defense concerns
What is the main difference between accounting profit and economic profit as explained in the text?
Accounting profit is the number that would show up on the bank account but economic profit accounts for the opportunity cost.
What do we need for trade according to the text?
Trust
Who are the beneficiaries of rent control based on the text?
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What is a price control defined as in the context provided?
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Which of the following is a gain of trade according to the text?
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