Continuous Improvements in Electronic Communications Have Facilitated the Expansion of Trade

question 7

True/False

Continuous improvements in electronic communications have facilitated the expansion of trade.

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Definitions:

Indifference Curves

Graphical representations used in microeconomics to show combinations of two goods that provide equal satisfaction and utility to a consumer.

Budget Lines

A graphical representation of all possible combinations of two goods which a consumer can purchase at given prices and within the constraints of his/her income.

Budget Line

A visual representation of all the different combinations of two products that can be bought within a certain budget and price range.

Indifference Curve

A chart illustrating various pairings of two products that deliver the same level of enjoyment and usefulness to a buyer.