Figure 17-8
Refer to . If this country allows free trade in wagons,
a.
consumers will gain and producers will lose.
b.
consumers will lose and producers will gain.
c.
both consumers and producers will gain.
d.
both consumers and producers will lose.
a
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Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. What combinations of customers can Anna expect?
a. High value, high value b. High value, low value c. Low value, low value d. All of the above
It is generally true that per capita GNP is:
a. negatively correlated with labor productivity. b. positively correlated with the standard of living. c. negatively correlated with the life expectancy rate. d. uncorrelated with the literacy level. e. positively correlated with the rate of population growth.
Hyperinflation refers to a situation in which:
A. prices are rising extremely rapidly. B. prices are falling extremely rapidly. C. the price level is extremely high. D. the price level is extremely low.
The external shock that hit Mexico and other Latin American countries in the early 1980s that caused the Lost Decade was a collapse in world oil prices
Indicate whether the statement is true or false