If you have a comparative advantage in producing a good, it implies:
a. you have a lower marginal cost of producing that good.
b. you have a higher marginal cost of producing that good.
c. you have a lower total cost of producing that good.
d. you have a higher total cost of producing that good.
A
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The balance on the current account ____
a. d and e b. c and d c. will show a trade deficit or surplus, if one exists d. must always be zero e. multiplied by ?1 becomes the capital account
If a team from the NFC wins the Superbowl, we can accurately predict
a. the stock market will end the year higher than it started. b. the stock market will end the year lower than it started. c. the stock market will rise, then fall, and end the year unchanged. d. nothing about future stock prices.
A family's ability to buy goods and services depends largely on its
a. permanent income, which is its normal, or average, income. b. permanent income, which is the lowest annual income the family has received over a 10-year period. c. transitory income, which is the measure of income used by the government to analyze the distribution of income and the poverty rate. d. transitory income, which is its money income plus any in-kind transfers it receives.
The balance of payments is
A. the equilibrium result when two countries achieve purchasing power parity. B. an account that records changes in exchange rates between two countries. C. an account that records all economic transactions between a country and all other countries, usually within a year. D. all of the above. E. none of the above.