Already the World's Largest Exporter,__________ Passed Japan in 2009 to Become

question 221

Multiple Choice

Already the world's largest exporter,__________ passed Japan in 2009 to become the number one automobile producers.

• A)the United States
• B)Canada
• C)India
• D)China

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Definitions:

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, representing excess revenue over the opportunity cost of resources employed.

Competitive Equilibrium

A state in a market where supply equals demand, leading to an optimal distribution of goods and services among participants.

Constant-cost Industries

Industries where the costs of production do not change significantly with an increase or decrease in the quantity produced.

Economic Efficiency

A condition where resources are allocated in a way that maximizes the production of goods and services, and minimizes waste and inefficiency.