An increase in the dollar price of foreign currency constitutes an appreciation of the U.S. currency
a. True
b. False
Indicate whether the statement is true or false
False
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Absolute advantage occurs when one producer has greater productivity compared to another producing the same product
Indicate whether the statement is true or false
If a country has saving of $2 trillion and investment of $1.5 trillion, then it has
a. a trade surplus and its net capital outflow = $.5 trillion. b. a trade surplus and its net capital outflow = -$.5 trillion. c. a trade deficit and its net capital outflow = $.5 trillion. d. a trade deficit and its net capital outflow = -$.5 trillion.
As a result of the war in Afghanistan, the population of Afghanistan as well as their capital stock was reduced. This can be illustrated by the aggregate supply curve
A. shifting outward. B. becoming flatter. C. shifting inward. D. becoming more elastic.
When there is a positive externality associated with the watering of one's lawn, the free market results in:
A. not enough lawn watering. B. too much lawn watering. C. the socially optimal level of lawn watering. D. government subsidies for lawn watering.