Comparative advantage is always a(n) ________ concept
A) absolute
B) efficiency
C) relative
D) monetary
Answer: C
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Gross domestic product is the
A) value of the final goods and services produced in a country during a specific time. B) total amount that buyers spent on the final goods and services produced in a country during a specific time. C) total amount of income earned in producing the final goods and services in a country during a specific time. D) All of the above answers are correct.
If the golfers at Green Golf all have identical demands and Green Golf practices two-part pricing, the profit-maximizing access fee is ________ the consumer surplus.
A) greater than B) equal to C) less than D) exactly double
In the market for used cars we have 10 sellers, willing to sell at the prices of $1000 . $2000 . $3000 . $4000 . $5000 . $6000 . $7000 . $8000 . $9000 . $10000 . What could the market price be in order to induce five sellers to offer their cars for sale?
a. $4001 b. $5001 c. $6001 d. $7001
The term net exports refers to:
a. the situation in which a country's exports exceed its imports. b. the situation in which a country's imports exceed its exports. c. the shortages that result when a country imposes a price ceiling. d. the shortages that result when a country imposes a price floor. e. the difference between the value of exports and the value of imports.