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.

Economics

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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.

Economics

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.

Economics

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

Economics

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.

Economics