When a market is in equilibrium and there is no outside intervention to change the equilibrium price:

A) total surplus is minimized.
B) inefficiency is maximized.
C) no mutually beneficial trades are missed.
D) some mutually beneficial trades may be missed.

How much is the multiplier?

Which of the following is true of an offer made in jest?

A) Even if an offer is clearly a joke, the words are treated as an offer.
B) A joke is always treated as a serious offer, unless the person specifically states: "I'm joking."
C) A joke is never treated as a serious offer.
D) A joke is treated as a serious offer if the outward manifestation of intent would lead a reasonable person to believe it was intended as a serious offer.
E) The court will look to a person's secret or hidden intent to attempt to discern if a joke was an offer or not.

Although Sylvester was terrible in the finance department, he resolved to be the best personnel manager in the history of the firm.This illustrates the defence mechanism of ________.

International trade based on the principle of comparative advantage creates a more efficient allocation of world economic resources.

Which statement is false?

A) If we restrict our imports,our exports will decline.
B) Trade restrictions cause economic inefficiency.
C) International finance is based on the gold standard.
D) None of the statements is false.