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 gain compared to the "without trade" numbers?
A) 0 B) 15 C) 60 D) 75
B
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The point where the indifference curve is tangent to the budget line
A) is the best affordable point. B) is where the marginal rate of substitution exceeds the relative price by as much as possible. C) is a point on consumer's demand curve. D) All of the above answers are correct.
Everything else held constant, in the market for reserves, when the federal funds rate is 5%, lowering the discount rate from 5% to 4%
A) lowers the federal funds rate. B) raises the federal funds rate. C) has no effect on the federal funds rate. D) has an indeterminate effect on the federal funds rate.
If you wanted to compare the quantity of output of a country across time periods, which of the following would you use?
a. the consumer price index b. nominal GDP c. the GDP deflator d. real GDP
Which of the following countries began economic liberalization in the 1970s and have achieved an impressive record of economic growth since that time?
a. Venezuela and Zimbabwe b. China and Chile c. Mexico and Canada d. United States and Norway