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ECONOMICS: PRINCIPLES & POLICY 14TH EDITION BY WILLIAMBAUMOL SOLUTIONS AND QUESTIONS AND
True / False
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
3. In international trade, one country's gain is another country's loss.
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: Comprehension
TOPICS: DISC: Monetary and fiscal policy
KEYWORDS: BLOOM’S: Comprehension
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