International trade

a. reduces world output of goods and services
b. lowers economic efficiency
c. allows countries to specialize in producing particular products
d. creates opportunity cost differentials in production
e. shifts each economy's production possibilities frontier inward


C

Economics

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Ted quits his $60,000-a-year job to be a stay-at-home dad. What is the opportunity cost of his decision?

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Consider a consumer who purchases two goods, X and Y. If the price of good Y falls, then the substitution effect by itself will

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Economics

Which of the following statements is correct?

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Economics