Countries that impose high tariffs, exchange rate controls, and other barriers that restrict international trade have, on average,
a. high rates of economic growth.
b. low rates of economic growth.
c. a large export sector.
d. a large import sector.
B
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
Suppose a country's net exports equal -$17.7 billion. Which of the following will happen if the volume of imports increases by $7 billion without any change in the volume of exports?
A) The country's net exports will stand at zero. B) The country's net exports will become positive. C) The country's net exports will stand at -$10.7 billion. D) The country's net exports will stand at -$24.7 billion.
Refer to Table 7-6. All of the following are terms of trade that could possibly benefit both countries except
A) 1/4 of a belt : 1 sword. B) 7/10 of a belt : 1 sword. C) 4/5 of a belt : 1 sword. D) 2/3 of a belt : 1 sword.
In the above table, what is the marginal factor cost of the 6th worker?
A) $30 B) $18 C) $120 D) $20