If one dollar exchanges for 20 Thailand baht, then:
a. a baht is worth $20.
b. $20 will exchange for one baht.
c. a baht is worth $2.
d. the United States and Thailand would not engage in trade.
e. a baht is worth a nickel.
e
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Purchases by American tourists in other countries increase GDP for both the country in which the purchase was made and for the U.S., since a U.S. citizen carried out the expenditure
a. True b. False Indicate whether the statement is true or false
To realize it's potential, a nation must have a mechanism that channels capital into _____-____ _____
Fill in the blank(s) with the appropriate word(s).
When the government imposes a tax on a good, total economic surplus will:
A. never change. B. always fall. C. only increase if the good entails a positive externality. D. only increase if the good entails a negative externality.
If two products are complements, the ________ elasticity of demand is ________.
A. income; negative B. cross-price; negative C. cross-price; positive D. income; positive