If the United States and Mexico trade Budweiser for Modelo beer, what type of trade does this represent?
What will be an ideal response?
Intraindustry
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If real income rises 4%, prices rise 1%, and nominal money demand rises 4%, what is the income elasticity of real money demand?
A) 3/4 B) 4/5 C) 5/6 D) 1
Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has 400 workers. Two possible consumption bundles that Country B could produce are:
A. (7,200 bananas, 2,400 tomatoes) and (3,600 bananas, 1,200 tomatoes) B. (7,200 bananas, 0 tomatoes) and (4,000 bananas, 1,200 tomatoes) C. (3,600 bananas, 1,200 tomatoes) and (1,800 bananas, 1,600 tomatoes) D. (1,800 bananas, 1,800 tomatoes) and (900 bananas, 2,200 tomatoes)
The best example of a public good is
A. education. B. national defense. C. automobiles. D. electricity.
What is the short-run break-even price? What are economic profits at this price? Why would a firm be willing to operate permanently at this price?
What will be an ideal response?