95%(38)36 out of 38 people found this document helpful
This preview shows page 9 - 11 out of 44 pages.
37.If Sean sells Tom a tennis racket for $50, we would expecta.both parties to gain from this transaction.b.Sean to gain from the transaction, while Tom loses.c.Tom to gain from the transaction, while Sean loses.d.the well-being of both parties to be unchanged.ANS:APTS:1DIF:ModerateNAT:BUSPROG: AnalyticSTA:DISC: Gains from trade, specialization and tradeTOP:Trade Creates ValueKEY:Bloom's: Comprehension38.Mateo values his camper at $4,000, and Nicole values it at $9,000. If Nicole buys it from Mateo for $7,000, which of the following is true?39.Noah values his car at $10,000, and Emily values it at $14,000. If Emily buys it from Noah for $11,000, which of the following is true?40.Which of the following most accurately states the economic significance of exchange?41.Which of the following about trade is true?a.Trade does not produce anything new; therefore, it cannot create value.b.The value of a good is determined by the cost of the material resources required for its production.c.The value of a good generally depends on who uses it and circumstances such as when and where it is used.download full file at
download full file at d.All of the above are true.ANS:CPTS:1DIF:ModerateNAT:BUSPROG: AnalyticSTA:DISC: Gains from trade, specialization and tradeTOP:Trade Creates ValueKEY:Bloom's: Comprehension