If the ________ Cost of Production for Two Goods Is

question 47

Multiple Choice

If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible.

• A)marginal
• B)explicit
• C)opportunity
• D)implicit

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Definitions:

Ordinary Annuity

A series of equal payments made at regular intervals, with the interest compounded at a fixed rate.

Outstanding Balance

This refers to the total amount of money owed on a loan or credit line that has not yet been paid back by the borrower.

Annual Installments

Payments made yearly towards the settlement of a debt or purchase price over a fixed period.

Interest

Interest is the charge for borrowing money or the compensation paid to depositors, calculated as a percentage of the principal amount.