________ are costs that require a monetary payment.
A. Implicit costs
B. Explicit costs
C. Accounting costs
D. Both Explicit costs and Accounting costs are correct.
Answer: D
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An example of a U.S. export is
A) diamonds mined in Africa sold to buyers in South America. B) a TV made in China sold to a buyer in Azerbaijan. C) matchbooks made in Mexico sold to a buyer in New Jersey. D) a washing machine made in Indiana sold to a buyer in France. E) pasta made in Italy sold to buyers in Spain.
If Israel has a lower opportunity cost producing oranges than Canada, then compared to Canada's orange production, it
a. is less efficient in producing other goods b. has an absolute advantage producing oranges c. cannot export oranges to other countries successfully d. has a comparative advantage producing oranges e. will have reason to import oranges