Examlex
Which of the following is true about GNP?
Comparative Advantage
The economic principle that a country should specialize in producing and exporting goods in which it has a lower opportunity cost than other countries.
Crude Oil
A naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials, used as a primary energy source.
Consumer Surplus
The dissimilarity between what consumers can potentially spend on a product or service and the sum they truly pay.
Domestic Producers
Domestic producers are businesses or individuals that create or manufacture goods and services within a country's borders.
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