Don't know if it goes here, but I want to know below statements are true or false and why?

-Trade with any nation can be mutually beneficial.
-If market failure exist the govt can improve market outcome.
-Govt policy improve equality and efficiency during same time.
-Marginal change is small incremental adjustment in action.
-The invisible hand ensure economic prosperity divided equally.
-Inflation is primary determinant of country's living standard.
-Its irrational for cost of good to be less then the common price.
-Primary effect of increase amount of money is higher prices.
-Rational decision maker take action when marginal cost exceed marginal benefit.
-Market failure is when it fail to allocate resources.

You answer them first (it's YOUR homework, after all), and we will tell you if any are wrong and why.

If I answer them I think is...
-Trade with any nation can be mutually beneficial. False, not all nations are beneficial.
-If market failure exist the govt can improve market outcome. True
-Govt policy improve equality and efficiency during same time. False both may have conflict.
-Marginal change is small incremental adjustment in action. True
-The invisible hand ensure economic prosperity divided equally. True
-Inflation is primary determinant of country's living standard. True
-Its irrational for cost of good to be less then the common price. True
-Primary effect of increase amount of money is higher prices. False there are other reasons for inflation.
-Rational decision maker take action when marginal cost exceed marginal benefit. True
-Market failure is when it fail to allocate resources. True

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Originally Posted by amandastevenson

If I answer them I think is...
-Trade with any nation can be mutually beneficial. False, not all nations are beneficial.

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Wrong. Trade is always mutually beneficial, otherwise you wouldn't trade.

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Originally Posted by amandastevenson

-If market failure exist the govt
can improve market outcome. True

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Wrong. A government agency would need to know what is the desired outcome in order to improve on the market. But since preferences are individual government can't know.

Quote:

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Originally Posted by amandastevenson

-Govt policy improve equality and efficiency during same time. False both may have conflict.

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Correct.

Quote:

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Originally Posted by amandastevenson

-Marginal change is small incremental adjustment in action. True

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I don't understand that question.

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Originally Posted by amandastevenson

-The invisible hand ensure economic prosperity divided equally. True

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Wrong. The "invisible hand" divides prosperity according to each market participant's production value which is normally not equal.

Quote:

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Originally Posted by amandastevenson

-Inflation is primary determinant of country's living standard. True

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Wrong. Inflation creates a false sense of living standard which leads to a loss in true living standard.

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Originally Posted by amandastevenson

-Its irrational for cost of good to be less then the common price. True

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Wrong. There are many reasons someone would want to sell for less. E.g. to rapidly gain a large market share.

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Originally Posted by amandastevenson

-Primary effect of increase amount of money is higher prices. False there are other reasons for inflation.

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Wrong. Increase in monetary supply is the single reason for price increases of all goods. (Some goods might have rising prices for other reasons)

Quote:

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Originally Posted by amandastevenson

-Rational decision maker take action when marginal cost exceed marginal benefit. True

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Wrong. An exchange takes place when for each participant of the exchange marginal benefit exceeds marginal cost.

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Originally Posted by amandastevenson

-Market failure is when it fail to allocate resources. True

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Market failure is when exchanges should happen according to the preferences of the participants but don't.

Quote:

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Wrong. Trade is always mutually beneficial, otherwise you wouldn't trade.

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Have to disagree. Do people/companies/governments always do things that are beneficial? Heck no. Besides, look at the question again - it's asks if "trade with any nation can be" beneficial. Not necessarily.

Many of these questions require too much politics. I wonder what side the instructor is on?