In the simple trade model, what is assumed about labor?
What will be an ideal response?
It is perfectly mobile between the two industries within a nation.
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A peak is the
A) lower turning point of a business cycle when an expansion ends. B) lower turning point of a business cycle when a recession ends. C) upper turning point of a business cycle when an expansion ends. D) upper turning point of a business cycle when a recession ends.
The oligopoly model that is most appropriate when one large firm usually takes the lead in setting price is the ________ model
A) Cournot B) Stackelberg C) game theory D) prisoner's dilemma
Which of the following statements is most accurate about the economies of North Korea and South Korea?
A. Since their division after World War II, North Korea's economy has achieved greater economic growth than South Korea. B. Starting from similar economic positions prior to their division after World War II, South Korea's economy has grown to about 40 times the size of the North Korean economy. C. The economies of both North Korea and South Korea have grown at approximately the same rate since Korea was divided after World War II. D. Since their division after World War II, South Korea has grown much faster than North Korea, but their GDP per capita remains roughly equal.
The current exchange rate system for most currencies is described most accurately as one of
A. fixed exchange rates. B. freely flexible exchange rates. C. gold standard rates. D. dirty or managed floating.