Which of the following is the situation in which a nation shifts its international trade from nations outside a regional trade bloc to nations within the bloc?
A) trade diversion
B) trade deflection
C) trade retention
D) protectionism
A
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Movement from one point on the production possibilities curve to another leads to more of both goods being produced
a. True b. False Indicate whether the statement is true or false
Refer to the above diagram. A shift from AS1 to AS2 would be consistent with what economic event in U.S. history?
A. Demand-pull inflation in the late 1960s. B. Full-employment in the late 1990s. C. Cost-push inflation in the mid-1970s. D. Recession in 2001.
In the market shown in Exhibit 3-15, the equilibrium price and quantity of good X are:
A. $0.50, 250.
B. $2.00, 300.
C. $2.00, 100.
D. $1.00, 200.
A positive temporary supply side shock will:
A. increase the level of potential output in the long run. B. decrease the price level in the long run. C. increase the price level in the long run. D. have no effect in the long run.