Which of the following is true of a country having an absolute advantage in the production of a good?
a. It is able to produce a good at a higher cost than other countries.
b. It is able to produce a labor-intensive good only

To economists, feelings such as peace, serenity, religious devotion, and self-esteem are captured in the concept known as _____

a. rational self-interest b. utility c. profit d. total revenue e. surplus

An improvement in a firm's technology that reduces its production costs will result in a(n):

A. leftward shift of the supply curve. B. increase in supply. C. decrease in quantity supplied at any given price. D. an increase in demand.