When a country imports a good or service from the rest of the world, the consumer gains because the greater the ________ in price and ________ in quantity bought, the greater is the ________ to the consumer
A) fall; decrease; gain
B) rise; increase; gain
C) fall, increase; gain
D) fall; increase; loss
E) rise; decrease; gain
C
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Comparative advantage is the ability to
A) perform an activity at a lower opportunity cost. B) determine who your best trading partners are. C) determine the best use of capital goods. D) convince others of the best choices to make in their own self-interest.
Which of the following statements is true for a long-run supply curve that slopes upward?
A. If total market output is increased, unit costs of production increase B. If total market output is unchanged, unit costs of production increase C. The total cost of producing 15 units is no larger than the cost of producing 10 units D. If total market output is decreased, total costs of production will remain unchanged