The ability to produce a good at a lower opportunity cost than others is known as
A. specialization.
B. absolute advantage.
C. comparative advantage.
D. marginal cost production.
Answer: C
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Transactions accounts allow for direct payment to a third party.
Answer the following statement true (T) or false (F)
The _________________ is a relationship between inputs and output that identifies the maximum output which can be produced per time period by each specific combination of inputs.
Fill in the blank(s) with the appropriate word(s).
The macroeconomic policy choices of developing countries like Zambia and Namibia:
A. are similar to those of developed countries, because their institutions are similar. B. are similar to those of developed countries, even though their institutions differ. C. differ from those of developed countries, even though their institutions are similar. D. are different from those of developed countries, because their institutions are different.
Assume government policy increases the demand for corn
A) The consumer surplus of corn buyers will increase. B) The producer surplus of corn growers will decrease. C) The producer surplus of corn growers will increase. D) The producer surplus of corn growers will not change.