Refer to Table 9-12. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many swords will Estonia gain compared to the "without trade" numbers?
A) 25 B) 75 C) 100 D) 125
A
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A deep recession hits the world economy, and real GDP in the rest of the world decreases. In the United States,
A) aggregate supply increases and aggregate demand decreases, so the effect on the price level is uncertain. B) aggregate supply and aggregate demand both decrease, and the price level rises. C) aggregate supply and aggregate demand both increase, and the price level rises. D) aggregate supply decreases while aggregate demand does not change, and the price level rises. E) aggregate demand decreases while aggregate supply does not change, and the price level falls.
The rights of an owner to use and exchange property are
A) capitalist rights. B) socialist rights. C) property rights. D) money rights.
In the figure above
A) moving from point a to point b would require new technology. B) production at point b is efficient whereas production at point a is not efficient. C) some resources must be unemployed at point c. D) opportunity costs are decreasing.
_________ is where it is cheaper for separate products to be produced independently than for one firm to produce the same products jointly.
Fill in the blank(s) with the appropriate word(s).