Refer to Table 9-11. If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded, how many clocks will Belize gain compared to the "without trade" numbers?
A) -100 B) 100 C) 120 D) 250
C
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A necessary condition for "perfect competition" is
A) price searchers. B) price takers. C) legal restrictions on entry into the market. D) a small number of huge firms. E) widespread and long-run economic profits.
Refer to the figure above. What is the consumer surplus when the market changes to a monopoly?
A) $30 B) $45 C) $60 D) $90
In the quantity equation framework for understanding the determinants of long-run inflation, a depreciation of the exchange rate ________ velocity, putting ________ pressure on inflation
A) raises, upward B) raises, downward C) lowers, upward D) lowers, downward
In the United States, all levels of government together spend about
a. one out of every three dollars paid for finished goods and services b. half of the dollars paid for defense spending c. the same amount as private citizens and corporations d. one out of every three dollars paid for education e. 80 percent of their budgets on transfer payments