The economy's current rate of interest is 10 percent and a firm has $10,000 of owner-invested capital. Its total revenue is $5,000 and the firm's explicit costs are $3,000. From this we know that this firm's

When products from a high-cost country within a customs union replace imports from a low-cost country that is not a member of the union, this is called:

a. trade creation. b. trade diversion. c. trade deflection. d. trade development.

The situation where women tend crops and raise children while men hunt is often found in a

a. mixed economy b. market economy c. command economy d. traditional economy