Refer to Table 9-11. All of the following are terms of trade that could possibly benefit both countries except
A) 1 hat : 1 clock B) 1 hat : 3/5 of a clock
C) 1 hat : 1.5 clocks D) 1 hat : 2.5 clocks
D
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In the pre-World War I period, the United Kingdom imported mainly
A) manufactured goods. B) services. C) primary products including agricultural. D) technology intensive products. E) from the United States.
The willingness to pay of buyers' in a market:
A. is represented by the demand curve. B. is represented by the supply curve. C. explains why the demand curve is bowed-out. D. explains why the demand curve is bowed-in.
An individual who is employed part time, but is looking for a full-time job, is classified as:
A. frictionally unemployed. B. cyclically unemployed. C. structurally unemployed. D. employed.
A bumper crop of wheat could be bad news to farmers if the price elasticity of demand for wheat is greater than one.
Answer the following statement true (T) or false (F)