The ability to produce a good or service at a lower opportunity cost than other producers is called
A. implicit advantage.
B. absolute advantage.
C. comparative advantage.
D. marginal advantage.
Answer: C
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Economic efficiency occurs when the firm produces a given output
A) by using the least amount of inputs. B) by using the maximum amount of inputs. C) at the least cost. D) at the greatest cost.
A major economic
A) benefit of fixed exchange rates is that they simplify economic calculations and provide a more predictable basis for decisions that involve international transactions than do floating rates. B) benefit of floating exchange rates it that they simplify economic calculations and provide a more predictable basis for decisions that involve international transactions than do fixed rates. C) cost of fixed exchange rates it that they simplify economic calculations and provide a more predictable basis for decisions that involve international transactions than do currency board rates. D) benefit of flexible exchange rates it that they simplify economic calculations and provide a more predictable basis for decisions that involve international transactions than do crawling peg rates. E) benefit of fixed exchange rates is that the value of goods will remain constant across a large region of consumers.
The highest point of the economy, before the recession begins, is called
a. the business cycle. b. an upswing. c. the peak. d. the trough.
(Ref 7-3 Figure: Shifts in Demand and Supply). The figure shows how supply and demand might shift in response to specific events. Suppose a fall frost destroys one-third of the nation's orange crop. Which panel BEST describes how this will affect the market for oranges?
Use Figure: Shifts in Demand and Supply.
A. Panel A
B. Panel B
C. Panel D
D. Panel C