Factors that strongly influence a nation’s level of trade are:
a. its geographic size, geographic location, and history of trade.
b. the size of its economy, the number of people, and its history of trade.
c. the size of its economy, its geographic location, and its history of trade.
d. the value of products, its geographic location, and its history of war.
c. the size of its economy, its geographic location, and its history of trade.
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In a game where individuals are asked to contribute to a public good, best response functions slope down because each individual believes the other will not give very much.
Answer the following statement true (T) or false (F)
In a two-period model with production, a temporary increase in domestic government spending
A) increases domestic output and increases the current account surplus. B) increases domestic output and decreases the current account surplus. C) decreases domestic output and increases the current account surplus. D) decreases domestic output and decreases the current account surplus.
Nonconsumption spending accounts for roughly what percent of total output of goods and services?
a. 20% b. 30% c. 40% d. 60%
If the world price for good A is below the domestic price for good A without trade, then consumer surplus will ________ and total economic surplus will ________ with trade.
A. increase; decrease B. decrease; increase C. decrease; decrease D. increase; increase