Trade requires:
A. that day-to-day business decision making is carried out almost entirely by firms and individuals, not by governments.
B. firms and individuals to follow government mandates about what to trade.
C. governments to get together and agree on who is going to specialize in what.
D. governments employ an economic planner to find comparative advantage for different products.
Answer: A
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A) is less than B) is greater than C) is equal to D) may be greater than or less than
Suppose the dollar depreciates from 89 Japanese yen to 79 Japanese yen. One would expect
a. U.S. imports to increase b. U.S. exports to increase. c. Japanese exports to increase. d. Japanese net exports to increase.
Indifference curves
A) are vertical. B) are horizontal. C) slope upward. D) slope downward.
If the quantity of pineapples demanded increases by 4% when the price of papayas increases by 16%, the cross-price elasticity of demand between pineapples and papayas is
A. -4. B. 0.25. C. 4. D. 64.