Scenario 4-1 In a Given Year, Country a Exported $12 Million Worth

question 28

Multiple Choice

Scenario 4-1
In a given year, country A exported $12 million worth of goods to country B and $6 million worth of goods to country C; country B exported $4 million worth of goods to country A and $7 million worth of goods to country C; and country C exported $5 million worth of goods to country A and $2 million worth of goods to country B.
-Which of the following is true?​

• A)​Economists assume that there are no private property rights in a free market.
• B)​A free market is also known as a fettered market.
• C)​A voluntary transaction means that all parties to the transaction must expect to benefit.
• D)​People always receive goods and services at a discounted price in a free market.
• E)​An economic growth is represented by an inward shift of the production possibility curve.

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Definitions:

False Imprisonment

The act of restraining a person against their will in a bounded area without any legal authority to do so.

Shoplifting

Shoplifting involves the unauthorized removal of goods from a store without payment.

Compensatory Damages

A money award equivalent to the actual value of injuries or damages sustained by the aggrieved party.

Tort Suit

A legal action brought by one party against another for a civil wrong that causes harm or loss, resulting in legal liability.