A _____ does not engage in international trade in goods and services and it does not engage in international borrowing and lending
Fill in the blank(s) with correct word
closed economy
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The above figure illustrates the market for corn. If point "a" represents the original equilibrium and point "b" the new equilibrium, which of the following could have caused the change?
A) a decrease in the number of corn growers B) a decrease the price of wheat, a substitute in production for corn C) an increase in the cost of the seed used to grow the corn D) a decrease in buyers' incomes if corn is an inferior good E) an increased belief among buyers that corn is healthy
All of the following are advantages of currency pegging EXCEPT
A) it reduces exchange rate risk. B) it is a check against inflation. C) it provides protection for firms that have taken out loans in foreign currencies. D) it keeps the exchange rate closer to its equilibrium rate.
Efficient resource allocation is defined as MC = AC
a. True b. False Indicate whether the statement is true or false
Your purchase of a Gucci purse made in Italy would be classified as:
A. an export. B. an investment good. C. a durable good. D. an import.