If a country has an absolute advantage in producing a product, it must also have a comparative advantage in producing that product

In addition to the chairman of the Board of Governors, the FOMC consists of ________

A) six rotating members of the Board of Governors and five presidents of Federal Reserve banks B) six other members of the Board of Governors, four rotating bank presidents and the president of the New York Federal Reserve C) six other members of the Board of Governors and five presidents of Federal Reserve banks; all twelve rotating members D) twelve Federal Reserve Bank presidents E) none of the above

Which of the following equations is CORRECT?

A. accounting profit = total revenue - (explicit costs + implicit costs) B. economic profit = accounting profit - explicit costs C. normal profit = accounting profit + economic profit D. economic profit = accounting profit - implicit costs