The world price of a pound of almonds is $4.50 . Before Uruguay allowed trade in almonds, the price of a pound of almonds there was $3.00 . Once Uruguay began allowing trade in almonds with other countries, Uruguay began
a. exporting almonds and the price per pound in Uruguay remained at $3.00.
b. exporting almonds and the price per pound in Uruguay increased to $4.50.
c. importing almonds and the price per pound in Uruguay remained at $3.00.
d. importing almonds and the price per pound in Uruguay increased to $4.50.
b
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The PPI is a price index that measures the cost to consumers of a typical basket of goods sold by firms
a. True b. False Indicate whether the statement is true or false
Refer to the saving schedule above. The break-even income would be level:
A. 0
B. 1
C. 2
D. 3
What is meant by a preference reversal?
What will be an ideal response?
Producer surplus is measured as the
A) area under the demand curve above market price. B) entire area under the supply curve. C) area under the demand curve above the supply curve. D) area above the supply curve up to the market price.