Refer to the information provided in Figure 33.1 below to answer the question(s) that follow.
Figure 33.1Refer to Figure 33.1. The opportunity cost of producing a bushel of alfalfa in Canada is
A. the same as that in the United States.
B. half as much as that in the United States.
C. twice as much as that in the United States.
D. four times as much as that in the United States.
Answer: C
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The tendency of the prices of identical baskets of goods across countries to converge: a. Is weaker to the extent the countries compared have substantial tariffs on imported goods. b. Is weaker to the extent the countries compared have limiting quotas on imported goods. c. Is weaker for goods and services not traded internationally
d. All of the above are true.
Which of the following might cause the supply curve for an inferior good to shift to the right?
a. an increase in input prices b. a decrease in consumer income c. an improvement in production technology that makes production of the good more profitable d. a decrease in the number of sellers in the market
An open market sale of securities will tend to cause
A) a reduction in the supply of central bank money. B) a reduction in the demand for currency. C) a reduction in the demand for reserves. D) none of the above
GDP measured in base year prices is real GDP.
Answer the following statement true (T) or false (F)