Comparative advantage occurs when a person or a country can produce a good or service at a lower ____ than others.
A. fixed cost
B. variable cost
C. opportunity cost
D. total cost
C. opportunity cost
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The process of countries becoming more open to foreign trade and investment is known as
A) autarky. B) globalization. C) protectionism. D) foreign exchange.
Everything else held constant, an autonomous monetary policy easing ________ aggregate ________
A) increases; demand B) decreases; demand C) decreases; supply D) increases; supply
A decline in the domestic real interest rate would cause a ________ in net exports and a ________ in the exchange rate
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
Government spending is projected to rise over the next few decades. Three of the most important reasons are spending on Social Security, Medicare, and healthcare
a. True b. False Indicate whether the statement is true or false