Trade and Gains Quiz

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App

Questions and Answers

What is one of the reasons against trade mentioned in the text?

  • Increased trust
  • National defense concerns (correct)
  • Quality assurance
  • Production efficiency

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. (correct)
  • Accounting profit and economic profit are the same.
  • Accounting profit is the number that would show up on the bank account and economic profit does not account for the opportunity cost.
  • None of the above

What do we need for trade according to the text?

  • Trust (correct)
  • Services
  • Quality control
  • None of the above

Who are the beneficiaries of rent control based on the text?

<p>Some renters (the ones that still have a place to stay) (A)</p> Signup and view all the answers

What is a price control defined as in the context provided?

<p>Government is setting a limit on price (C)</p> Signup and view all the answers

Which of the following is a gain of trade according to the text?

<p>We can produce more in total when we specialize (A)</p> Signup and view all the answers

Flashcards are hidden until you start studying

More Like This

Use Quizgecko on...
Open
Browser
Browser