9. Gains from trade arise because of: O individual choice. O marginal analysis.
ID: 1131818 • Letter: 9
Question
9. Gains from trade arise because of: O individual choice. O marginal analysis. O specialization in consumption. specialization in production. 10. If equilibrium exists: O the number of buyers will equal the number of sellers. all individuals must have an equal amount of income. O there will be no remaining opportunities for individuals to make themselves better off. the price in that market will not fluctuate by more than 5%. 11. Economists believe that resources should be used as efficiently as possible to: O reduce inequity. achieve society's goals. O eliminate scarcity. maximize profits. 12. In most cases, economic efficiency is achieved through: individuals seeking out opportunities that involve no risk. O maximizing equity. incentives built into a market economy. O reducing regulation.Explanation / Answer
9) Gains from trade result from comparative advantage that is the result of specialization when nations with lower opportunity cost trade with each other. Select Specialization in production
10) Third option is correct. Different incomes result in different levels of willingness to pay. It is not the number of buyers or sellers but the number of units demanded and supplied.
Since consumer and producer surplus are maximized, there is no opportunity left that can make anyone better off.
11) Second option is correct. Society's goal are maximizing gains from transactions which are reduced wastage.
12) Third option is correct.
13) Third option is correct.
14) First option is correct
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