a. the recognition that not all markets are competitive. b. the recognition that

ID: 1228981 • Letter: A

Question

a. the recognition that not all markets are competitive.

b. the recognition that government intervention in marketssometimes enhances the economic welfare of the society.

c. the principle of absolute advantage.

d. the principle of comparative advantage.

a. generally had, or been very near to a trade balance.

b. had trade deficits in about as many years as it has tradesurpluses.

c. persistently had a trade deficit.

d. persistently had a trade surplus.

a. loanable funds demanded.

b. loanable funds supplied.

c. domestic investment.

d. net capital outflow.

1.C 2.A 3.C

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