If a country has a lower opportunity cost than its potential trading partner, the country should decide to be self-sufficient

GDP is: a. the total value of all consumer expenditures within a given period

b. national income after taxes. c. the total value of all final goods and services plus intermediate goods and services produced domestically within a given period. d. the value of all final goods and services produced domestically within a given period.

The time that elapses between the beginning of a recession or an inflationary episode and the identification of the macroeconomic problem is referred to as a(n)

A. legislative lag. B. implementation lag. C. recognition lag. D. budget lag.