Comparative advantage, not absolute advantage, determines the decision to specialize in production.
Answer the following statement true (T) or false (F)
True
Economics
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The trade balance component of aggregate demand is a function of all the following EXCEPT:
a. foreign disposable income. b. domestic disposable income. c. the real exchange rate. d. consumer spending.
Economics
In economics, money is defined as
A) any asset people generally accept in exchange for goods and services. B) the total amount of salary, interest, and rental income earned during a year. C) the total value of one's assets minus the total value of one's debts, in current prices. D) the total value of one's assets in current prices.
Economics