If a country produces only two goods, then it is not possible to have an absolute advantage in the production of both goods
Indicate whether the statement is true or false
FALSE
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We expect PPP to hold better
A) for annual data than monthly data. B) for high-inflation countries. C) in the long run. D) All of the above.
Suppose that the citizens of South Dakota decided to limit imports of citrus fruit from Florida and California on the grounds that climatic differences give those two states an unfair advantage in the production of those products. How would the analysis used to explain international trade apply?
A typical American worker covered by unemployment insurance receives
a. 50 percent of his former wages for 26 weeks. b. 50 percent of his former wages for 52 weeks. c. 100 percent of his former wages for 26 weeks. d. 100 percent of his former wages for 52 weeks.
Cyclical unemployment stems from an insufficient level of demand in the economy.
Answer the following statement true (T) or false (F)