The term import refers to:
a. a purchase of goods or services from another country.
b. a business transaction between two or more domestic firms.
c. a sale of goods or services to another nation.
d. a tax on foreign merchandise.
e. a trade agreement between two industrial countries.
Question 2
If additional units of output could be produced at constant opportunity cost, the production possibilities curve would be:
a. bowed inward toward the origin.
b. bowed outward away from the origin.
c. positively sloped.
d. a straight line with a negative slope.
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