If merchandise exports exceed merchandise imports, the trade balance is in deficit

China's economy did not decline at all during its transition from communism to capitalism

Indicate whether the statement is true or false

Bill has $10 to spend on a Superman, Batman, or an X-Men T-shirt. Bill buys the Superman T-shirt and the Batman shirt was a close second choice. What is the opportunity cost?

a. The amount he spent, $10. b. Nothing, since he got his preferred choice. c. The Batman T-shirt. d. The X-Men T-shirt.