Refer to Figure 9.1. If the government establishes a price ceiling of $20, total consumer and producer surplus will be

What effect does an expansionary monetary policy in the U.S. have on the foreign trade sector?

A) The lower value of the dollar will decrease exports and increase imports. B) The lower value of the dollar will decrease imports and increase exports. C) The higher value of the dollar will decrease exports and increase imports. D) The higher value of the dollar will decrease imports and increase exports.

Opportunity cost is the:

a. cost incurred when one fails to take advantage of an opportunity. b. price paid for goods and services. c. cost of the best option forgone as a result of choosing an alternative option. d. undesirable aspects of an option.