If Egypt can produce 3 silver candlesticks or 120 small silver cups in an hour and Turkey can produce 4 silver candlesticks or 160 small silver cups in an hour then
a. neither country would gain by trading
b. the terms of trade or 40 silver cups per one silver candlestick and Egypt should only produce silver cups.
c. the terms of trade or 40 silver cups per one silver candlestick and Turkey should only produce silver cups.
d. the terms of trade or 40 silver cups per one silver candlestick and Egypt should only produce candlesticks.
e. the terms of trade or 40 silver cups per one silver candlestick and Turkey should only produce candlesticks.
A
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Bitcoin is a:
a. Virtual currency that can be converted freely into a wide variety of real-world (legal tender) currencies. b. Virtual currency that keeps track of owners and users by means of a clearing house called Mt. Gox. c. Virtual currency that publishes all Bitcoin-related domestictransactions online but keeps its international transactions confidential. This has led to Bitcoin's widespread use for illegal international (not domestic) transactions. d. All of the statements above are true.
Once the national health care program goes into effect, we can expect
A) total expenditures on health care will decrease. B) more individuals will have more incentives to make decisions that promote better health. C) total expenditures on health care will increase. D) moral hazard will decrease.
Explain how the recession of 2007–2009 in the United States provides an example of a recessionary expenditure gap.
What will be an ideal response?
Refer to the information provided in Table 20.5 below to answer the question(s) that follow. Cashews are measured in bushels and tea is measured in pounds (lbs.)
Table 20.5
Refer to Table 20.5. The most that India will be willing to pay for a lb. of tea is
A. 1/10 of a bushel of cashews. B. 1/5 of a bushel of cashews. C. 1/4 of a bushel of cashews. D. 1/2 of a bushel of cashews.