Trade and Gains Quiz

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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

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