A comparative advantage is when a good can be produced at a(n) ________ cost in terms of other goods.
a. lower
b. higher
c. equal
d. comparative
a. lower
A comparative advantage is when a good can be produced at a lower cost in terms of other goods.
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If a product is in surplus, its price:
A. will rise in the near future. B. is above the equilibrium level. C. is in equilibrium. D. is below the equilibrium level.
According to the consensus view, when demand increases near full employment,
A. Both the price level and real GDP increase. B. The price level increases, but real GDP stays the same. C. Real GDP increases, but the price level stays the same. D. The price level decreases, but real GDP increases.
The host country has more reasons to restrict foreign direct investment than does the home country.
Answer the following statement true (T) or false (F)
A monopolist faces the inverse demand curve P = 60 - Q. It has variable costs of Q2 so that its marginal costs are 2Q, and it has fixed costs of 30. The monopoly's maximum profit is
A) 220. B) 370. C) 420. D) 510.