In 2013, which of the following countries spent the most on Research and Development?

Which of the following would be included in the total costs of production when an entrepreneur tries to compute her economic profit?

A) Foregone wages B) Foregone interest C) Foregone rent D) All of the above. E) None of the above.

Refer to Table 2-11. Does either China or South Korea have an absolute advantage and if so, in what product?

A) South Korea has an absolute advantage in both products. B) South Korea only has an absolute advantage in wheat. C) China only has an absolute advantage in digital cameras. D) China only has an absolute advantage in wheat.