The two basic approaches that a country can take as a means to achieve free trade are the Select one: a. continental approach and the global approach. b. short-run approach and the long-run approach. c. industry approach and the security approach. d. unilateral approach and the multilateral approach.

Which of the following best illustrates the fallacy of composition? a. if mr. smith had more money, he could buy more scarce goods; if the adams family had more money, it could buy additional goods. b. if ms. spann had more money, she could buy more scarce goods; if the nation had more money, everyone could buy more scarce goods. c. if other variables are not held constant, economists may not observe the relationship between price and quantity demanded that is expected. d. aggregate consumption may not behave in the same manner as the consumption of a particular individual