Suppose that your tuition to attend college is $24,000 per year and you spend $8,000 per year on room and board. If you were working full time, you could earn $30,000 per year. What is your opportunity cost of attending college for one year?
A. $32,000
B. $38,000
C. $54,000
D. $62,000
Answer: C
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According to the above figure, a shortage is shown between which two points?
A) A and E B) C and B C) A and B D) E and F
Table 36-2 ? Domestic ? ? ? GDP Expenditure ? Exports Imports Total Expenditures (Y) C+ I + G (X) (IM) C+ I + G + (X?IM) $2,500 $3,100 $650 $250 _____ 3,000 3,400 650 300 _____ 3,500 3,700 650 350 _____ 4,000 4,000 650 400 _____ 4,500 4,300 650 450 _____ 5,000 4,600 650 500 _____ 5,500 4,900 650 550 _____ In Table 36-2, assume that exports rise to $900. How large is the multiplier?
A. 5 B. 4 C. 2.5 D. 2
Within the range of exchange rates that permits specialization and trade to take place, the exchange rate will determine which country gains the most from trade.
Answer the following statement true (T) or false (F)
The Heckscher-Ohlin model predicts all of the following EXCEPT
A) the volume of trade. B) which country will export which product. C) which factor of production within each country will gain from trade. D) that relative wages will tend to become equal in both trading countries. E) that trade increases a country's overall welfare.