Trade allows each country to take advantage of lower ___________ costs in the other country.
a. replacement
b. opportunity
c. marginal
d. retail
b. opportunity
Trade allows each country to take advantage of lower opportunity costs in the other country.
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The inputs into production of goods and services that are provided by nature, such as land, rivers, and mineral deposits are called
a. physical capital. b. natural resources. c. human capital. d. technological knowledge.
Some call the Great Recession the:
A. period of high inflation that took place in the early 1970s. B. period of economic stagnation that took place in the early 1990s. C. recession that began in 2007 due to the decline in consumer spending when the housing bubble burst. D. period when the economy does not grow for four consecutive quarters.
If the economy is in the vertical portion of the AS curve, what will be the effect of an increase in the price level on output produced?
A. Output will increase at a very rapid rate B. Output will not change C. Output will only slightly increase D. Output change cannot be predicted from information given
An economic activity in which benefits or costs affect third parties is called
A) a public good. B) a third-party good. C) the exclusion principle. D) an externality.