Individuals gain from trade because ______. (Points: 1) of s

Individuals gain from trade because ______. (Points: 1) of specialization inproduction … Show more Individuals gain from trade because ______. (Points: 1) of specialization inproduction they can sell at a lowerprice than they can buy at self-sufficiency isefficient of all of theabove 7. Which of the following statements iscorrect? (Points: 1) Resource scarcity is nota major economic concern in the rich countries of theworld. While opportunity costsusually exist, some opportunity costs are zero. An economic situation isin equilibrium when no individual would be better off taking adifferent action. Some very talented,skilled individuals who can do everything better than most peopleshould not specialize in doing any one thing. 8. Market failure occurs when ______.(Points: 1) prices of essentialgoods such as gas become very high individual actions haveside-effects that are not properly taken into account mutually beneficialtrades take place all of the aboveoccurs 9. When markets don’t achieve efficiency,then _____. (Points: 1) they must achieveequity government must beparticipating in the market government may interveneto improve society’s welfare none of the aboveoccurs 10. Which of the following is NOT one of thefour basic principles for understanding individual choice? (Points:1) Resources arescarce. The real cost ofsomething is the money that you must pay to get it. %u201CHowmuch?%u201D is a decision at the margin. People usually takeadvantage of opportunities to make themselves better off. • Show less

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