An international organization that buys and sells a commodity to maintain its price is a
a. buffer stock
b. common fund
c. commodity stabilization fund
d. customs union
e. all of the above
C
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Suppose it takes Dan 5 minutes to make a sandwich and 15 minutes to make a smoothie, and it takes Tracy 6 minutes to make a sandwich and 12 minutes to make a smoothie. What is the opportunity cost to Dan of making a sandwich?
A. 15 smoothies B. 5 smoothies C. 3 smoothies D. 1/3 of a smoothie
What is the diamond-water paradox?
What will be an ideal response?
What is the foreign trade effect, and how does it explain the shape of the aggregate demand curve?
What will be an ideal response?
Answer the following questions true (T) or false (F)
1. If prices rise on average in the U.S. economy, the purchasing power of a dollar declines. 2. Using "chain-weighted" prices to calculate real GDP remedies the distortions causes by changes in relative prices over time. 3. If the GDP deflator is equal to 100, then for that year nominal GDP is equal to real GDP.