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 hats will Denmark gain compared to the "without trade" numbers?
A) -150 B) 0 C) 150 D) 1,050
B
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A cost function has economies of scale if
A) average fixed costs fall as production increases. B) total costs fall as production increases. C) the average total cost falls as production increases. D) it is less expensive to produce goods jointly rather than separately.
The value of the consumer price index (CPI) is always equal to ______________ in the base year
A) 1 B) 10 C) 100 D) 1,000 E) There is not enough information given to answer this question.
A fiscal contraction will tend to cause which of the following to occur?
A) a reduction in the interest rate and a reduction in investment B) a reduction in the interest rate and an upward shift in the LM curve C) a reduction in the interest rate and an ambiguous effect on investment D) no change in output if the Fed simultaneously pursues contractionary monetary policy
A relative measure of the importance of trade is
A) the dollar value of trade. B) trade as a percentage of GDP. C) the dollar value of trade adjusted for inflation. D) trade as a percentage of investment.