Test bank for Microeconomics Principles and Policy, 13th Edition: Economics and Finance Test Bank Question and Answers.

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