Refer to the tables. Which one of the following terms of trade would be acceptable to both countries?
Answer the question on the basis of the following production possibilities tables for countries Alpha and Beta:
A. 1 unit of X for 3 units of Y.
B. 1 unit of X for 5 units of Y.
C. 1 unit of X for 12 units of Y.
D. 1 unit of X for 1 unit of Y.
A. 1 unit of X for 3 units of Y.
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If the dollar appreciates against the Mexican peso,
A) U.S. exports to Mexico become less expensive. B) U.S. exports to Mexico become more expensive. C) Mexican imports to the U.S. become more expensive. D) The value of Mexican imports to the United States does not change.
The unreported underground economy represents about 1 percent of U.S. GDP
Indicate whether the statement is true or false
"I recognize that the market is effective at getting resources to their most valued uses, but I also recognize that the market can produce results that are grossly unfair." This speaker is implying:
A. neither market failure nor failure of market outcome. B. both market failure and failure of market outcome. C. market failure but not failure of market outcome. D. failure of market outcome but not market failure.
In the graph shown above, at a price of $3.00
A. there is a shortage.
B. there is a surplus.
C. quantity supplied is greater than quantity demanded.
D. None of these choices are correct.