The average height of a professional basketball player is 6 feet, 2 inches while the average height of a professional jockey is 5 feet. If we translate this information into the context and concepts associated with international trade, we can say that
a. each has an absolute advantage over the other in their professional sport
b. because of the height advantage, the basketball player can do both better than the jockey, but has a comparative advantage in basketball
c. because of the height disadvantage, the jockey has no absolute advantage
d. basketball is a more efficient sport than horse racing
e. racing is a more efficient sport than basketball
A
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The supply of money is easier to control with commodity money than it is with fiat money
Indicate whether the statement is true or false
When the price level falls from 135 to 120, the aggregate level of GDP supplied falls from $140 billion to $125 billion. This ________ relationship represents the ________ relationship between GDP and the price level
A) positive; short-run B) negative; long-run C) positive; long-run D) negative; short-run
Discuss some of the general conclusions arrived at about supply-side tax initiatives
When numerous Japanese companies buy $100,000,000 worth of goods or services from U.S. producers, ceteris paribus, there will be
A. no change in values of the currencies. B. depreciation of the dollar against the yen. C. depreciation in the value of the yen against the dollar. D. appreciation in the value of the yen against the dollar.