The market in which the currency of one country is traded for the currency of another country is called

Refer to Scenario 1-1. Using marginal analysis terminology, what is another economic term for the incremental revenue received from the sale of the last 3,000 cell phones?

A) marginal revenue B) gross profit C) sales revenue D) gross earnings

When two countries specialize and trade:

A. they can have consumption possibilities beyond their production possibilities. B. surplus can be gained by both countries. C. both can enjoy more output than either could produce on its own. D. All of these are true.