Economic terms like “cost of living” and “price level” are important to ordinary individuals.
Answer the following statement true (T) or false (F)
True
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Why is academic decision making different from decision making within firms?
What will be an ideal response?
Which of the following factors does NOT shift the supply of loanable funds curve?
i. change in disposable income ii. change in wealth iii. change in expected profit A) i only B) ii only C) iii only D) ii and iii E) i and ii
Refer to Table 7-6. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many swords will Morocco consume?
A) 60 B) 75 C) 135 D) 200
David Ricardo discovered that two countries can still gain by trading even if one country is more efficient in the production of every commodity. Ricardo’s discovery is called the law of
A. comparative advantage. B. absolute advantage. C. compensating balances. D. increasing returns.