The functional relationship between the trade balance and the real exchange rate is:
a. a negative, or decreasing, function.
b. a positive, or increasing, function.
c. a parabolic function.
d. impossible to quantify because there are so many unknown variables.
Ans: b. a positive, or increasing, function.
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Refer to the figure above. What is the quantity supplied in the market when the market is supplied by one firm?
A) 30 units B) 45 units C) 60 units D) 90 units
What best describes changes in per capita output between 1860-1880?
a. The South experienced both an absolute reduction and a reduction relative to the North. b. Both the North and South grew, but the North grew faster than the South. c. The North and South both suffered absolute decreases. d. The South and the North grew and the South grew faster than the North.
Actions that reduce trade restrictions and promote free trade are often referred to as:
A. trade liberalization. B. trade protectionism. C. free trade politicism. D. autarky.
The fraction of a change in income that is saved is known as _____
Fill in the blank(s) with the appropriate word(s).