As the differences in opportunity costs between the U.S. and its trading partners increase, the potential gains from specialization and trade ________.
A. decrease
B. stay the same
C. become unpredictable
D. increase
Answer: D
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The satisfaction received from using one more unit of a good or service is called
a. opportunity cost b. opportunity benefit c. marginal cost d. marginal benefit.
A curve that relates an economy's total output to the total amount of labor employed, holding all other determinants of output constant, is called
A. an input-output matrix. B. an average output function. C. a marginal product function. D. an aggregate production function
Economists will always reach the same conclusion in their positive analyses.
Answer the following statement true (T) or false (F)
Refer to the above figure. Profits for this firm are equal to zero
A. only for all points less than B. B. for points between B and C. C. for all points less than B and greater than C. D. only at points B and C.