Tom takes 20 minutes to cook an egg and 5 minutes to make a sandwich. Jerry takes 15 minutes to cook an egg and 3 minutes to make a sandwich. Both individuals will be better off if
A) Tom trades sandwiches in exchange for eggs.
B) Jerry trades sandwiches in exchange for eggs.
C) they trade, no matter who trades sandwiches and who eggs.
D) they don't trade.
B
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In an open economy, the quantity supplied of TVs in the domestic market will be ________. 
A. 30,000 B. 120,000 C. 90,000 D. 60,000
Perfectly competitive firms produce up to the point where the price of the good equals the marginal cost of producing the last unit. This condition is referred to as
A) allocative efficiency. B) constant returns to scale. C) perfectly competitive efficiency. D) productive efficiency.
Which two time periods did the U.S. begin to experience a sharp increase in Current Account deficits?
A) 1981, mid-1990s B) 1971, mid-1990s C) 1961, mid-1990s D) 1971, mid-1980s E) 1985, mid-1990s
________: a measure of the relative response of demand to income changes
Fill in the blank(s) with correct word