$1$

Multiple Choice

$1$ point

When two parties trade with each other, they will both be made better off unless... I. they are forced to trade.

II$.$ one party has defrauded the other.

III. one of the parties is a foreigner.

IV$.$ the two sides are mistaken about what is being traded.

I and IV$.$

I and III.

I, II$,$ and IV$.$

I, III, and IV$.$