The market value of all final goods and services in an economy produced by resources owned by people of that economy, regardless of where the resources are located, is
a. gross domestic product
b. gross national product
c. net national product
d. national income
e. gross private domestic investment
B
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Price equals the minimum of long-run average cost
A) in a long-run equilibrium. B) in a short-run equilibrium as well as in a long-run equilibrium. C) whenever average revenue equals marginal cost. D) along a horizontal long-run supply curve, but not along an upward sloping long-run supply curve.
The law of comparative advantage says that a person should produce a good if she
a. has the greatest desire to consume that good b. has the lowest opportunity cost of producing that good c. has an absolute advantage in a related activity d. has a comparative advantage in a related activity e. is equally good at producing this good as someone else is