Trade between industrial countries account for the majority of international trade
a. True
b. False
Indicate whether the statement is true or false
True
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Assume that Jamaica and Norway can switch between producing coolers and producing radios at a constant rate. The following table shows the number of coolers or number of radios each country can produce in one day. Output Produced in One Day Coolers Radios Jamaica 12 6 Norway 24 3 Refer to Table 3-21. Jamaica’s opportunity cost of one cooler is
How do automatic stabilizers work to mitigate fluctuations in the level of economic activity?
What will be an ideal response?
If money is neutral, then changes in the quantity of money
a. do not affect real output. b. affect both nominal and real output c. do not affect nominal output. d. affect neither nominal nor real output.
Refer to Figure 8.2 above. The total fixed costs for The Barber Shop are $3,000. If The Barber Shop produces 300 hair cuts, the average fixed costs are A) $.20. B) $5. C) $10. D) $100.