Which of the following is used to determine the terms of trade?
A. Absolute costs.
B. Opportunity costs.
C. Export ratio.
D. Per capita GDP.
B. Opportunity costs.
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When you purchase a new set of spurs you do so in the
A) input market. B) resource market. C) factor market. D) product market.
The unemployment rate is calculated as follows:
A) labor force/number of unemployed. B) labor force participation rate/number of unemployed. C) number of unemployed/labor force. D) number of employed/labor force.
Which of the following models do not believe that there exists a short run tradeoff between higher inflation and lower unemployment?
a. Keynesians b. monetarists c. new classical d. real business cycle e. none of the above
If government were to regulate a monopolistically competitive market by setting a single price, a consequence would be:
A. less product variety. B. higher prices. C. less output supplied to the market. D. All of these statements are true.