The ability of one person or nation to produce a good at a lower absolute cost than another is called a(n):

If a buyer's reservation value for a good is $15 and the price at which he purchases the good is $8, his consumer surplus is:

A) $7. B) $1.8. C) -$7. D) $120.

Who would benefit if the exchange rate with yen (in U.S. dollars) increased?

a. c and e. b. Japanese tourists. c. U.S. consumers. d. U.S. exporters. e. Japanese exporters.