Which of the following countries has recently emerged as one of the world's top trading nations in terms of total trade volume?
A. Chile.
B. India.
C. Ireland.
D. China.
D. China.
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Refer to Table 8-1. Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. Assume all of the coffee beans are used in the production of the coffee drinks. Using the information in the above table, nominal GDP for this simple economy equals
A) 3,090 units. B) $7,250. C) $8,750. D) $9,750.
Briefly describe the difference between a straight line production possibilities curve and a convex production possibilities curve.
What will be an ideal response?
A prerequisite of specialization is:
A. free enterprise. B. a capitalistic economic system. C. competition. D. a medium of exchange or money system.
Explain why the social demand curve for a public good is the vertical sum of the demand curves of each individual
What will be an ideal response?