Ceteris paribus is the same as rise / run.
Answer the following statement true (T) or false (F)
False
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In the event of deflation, or negative inflation, then
a. real GDP is always lower than nominal GDP. b. real GDP is always lower than nominal GDP after the base year. c. real GDP is always lower than nominal GDP. d. real GDP is always higher than nominal GDP before the base year. e. None of the above
When the price of tomatoes is $4, farmers supply 100,000 bushels. When price is $6, farmers supply 100,000 bushels. From this, we conclude that the
a. equilibrium price of tomatoes is $5 b. market-day supply curve is vertical at a quantity of 100,000 c. farmers are producing too many tomatoes d. supply curve for tomatoes is upward sloping e. market demand for tomatoes must be 100,000
The following equations describe the prices and marginal costs of producing corn and toys in a country. The numbers in the equations indicate the amounts of labor and land needed to produce a unit of corn and a unit of toys. In the equations, the wage rate and the rental rate are denoted by 'w' and 'r,' respectively.Pcorn = 80w + 40rPtoys = 100w + 30ra. If the price per unit of corn and the price per unit of toys are initially $200, calculate the wage rate and the rental rate. Calculate the labor cost per unit of corn and per unit of toys. What is the rental cost per unit of corn and per unit of toys?b. Suppose post-trade the price of corn increases to $240. The price of toys remains unchanged. What are the new values for 'w' and 'r' after adjustment to the new long-run
situation?c. What is the change in the real wage with respect to each good? What is the change in the real rental rate with respect to each good?d. Relate your conclusions in Part C. to the Stolper-Samuelson theorem. What will be an ideal response?
________ determine(s) which products have been produced within a free-trade area and which products have been produced outside the area and therefore are subject to trade barriers.
A. Rules of origin B. Trade diversion C. The most favored nation principle D. Trade creation