Karl can produce either 10 tons of oranges or 5 tons of apples in a year, while Adam can produce either 5 tons of oranges or 10 tons of apples. If the exchange rate between apples and oranges in international markets is 1 ton of apples per 3 tons of oranges:
a. Karl and Adam will not trade apples and oranges with one another, since both will specialize in and export oranges to other
countries.
b. Karl and Adam will not trade apples and oranges with one another, since both will specialize in and export apples to other countries.
c. Karl and Adam will trade apples and oranges with one another.
d. Karl and Adam will not specialize or engage in international trade.
b
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Answer the next question based on the following data. (These national income figures are in billions of dollars.)Personal consumption expenditures$4,500Consumption of fixed capital150Gross private domestic investment800Government purchases950Exports65Imports85GDP in this economy is ________.
A. $6,230 billion B. $6,380 billion C. $6,080 billion D. $6,400 billion
U.S. imports and exports both fell during the first quarter of 2009. The value of these imports and exports would be reflected in the United States
A) capital account. B) current account. C) exchange rate account. D) financial account.
Representative commodity money retained its value because
A) it was an actual commodity. B) it was a fiat money. C) it was backed by the government. D) it could be exchanged for an actual commodity.
The distribution of poverty is determined by changing demographic patterns and discrimination
Indicate whether the statement is true or false