The ability to produce a good or service at a lower opportunity cost than other producers is
A. intellectual property.
B. the quota system.
C. absolute advantage.
D. comparative advantage.
Answer: D
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If ________, net exports are zero
A) imports equal transfer payments B) imports exceed exports C) exports exceed transfer payment D) exports equal imports
When price is below average variable cost, a firm in a competitive market will
a. shut down and incur fixed costs. b. shut down and incur both variable and fixed costs. c. continue to operate as long as average revenue exceeds marginal cost. d. continue to operate as long as average revenue exceeds average fixed cost.
Real GDP is the value of all __________ goods and services produced in a given year in __________ prices
A) intermediate; that year's B) intermediate; base-year C) final; that year's D) final; base-year
Suppose the market consists of 3 individuals: Citizen A, Citizen B and Citizen C. 
If the good shown on the graphs is a public good, then the marginal benefit of the 30th unit is:
A. $4 B. $30 C. $2 D. $9