A unit-elastic demand curve will be concave toward the origin
a. True
b. False
Indicate whether the statement is true or false
False
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Let's assume producers in Canada can make 200 units of beef or 50 units of oranges, and U.S. producers can make 50 units of beef or 200 units of oranges per time period. Producers in which nation have an incentive to specialize in beef production?
A) The U.S. B) Canada C) Both of the above have an incentive to specialize in beef production. D) Neither of the above have an incentive to specialize in beef production.
Refer to Table 19-17. What is nominal GDP in 2016?
A) $3,320 B) $3,690 C) $6,360 D) $7,035
Explain why exchange rate model based on PPP is a long run theory
What will be an ideal response?
The real interest rate is calculated as the
a. expected rate of inflation divided by the nominal interest rate b. real GDP plus the expected rate of inflation c. nominal interest rate minus real GDP d. nominal interest rate minus the expected rate of inflation e. real GDP multiplied by the expected rate of inflation