________ is the ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors
A) Absolute advantage
B) Specialization
C) Autarky
D) Comparative advantage
Answer: D
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Market interest rates are determined by
a. banks b. Wall Street c. the demand for loanable funds d. the supply of loanable funds e. the demand for and supply of loanable funds
The present value of receiving M dollars in year t when the prevailing interest rate is i is equal to
a. M - it b. M ? (1 - i)t c. M/(1 + i)t d. M ? it e. M/it
The U.S. income tax is based on the principle of
a. cost of service. b. benefit received. c. ability to pay. d. equality of sacrifice.
A(n) ______ in supply and a(n) ______ in demand will result in a decrease in the equilibrium price.
a. lack of change; increase b. decrease; lack of change c. decrease; increase d. increase; decrease