Author: Anonymous

Market exchange rates are only relevant for internationally traded goods. 

The USA (for data presented in lecture) falls within the top 10 richest nations in terms of GDP per capita. 

Refer to Figure 3-17. When the price is P1 , consumer surplus is    

Assume that a quota on imported rice is imposed at some quantity that we will call Q1. We know that: (check all that apply)

Which is FALSE about globalization?

David Ricardo is considered to be the father of modern economic thought. He is the one that promoted the idea that you should not attempt to make what it will cost you “more to make than to buy.”  

Which of the following is not a determinant of the price elasticity of demand?

Recently, Burma was visited by an American diplomat (first in over 50 years). This was: 

The following table illustrates what can be produced in 1 day with the same stock of resources in Slovakia and Croatia. Use the information to answer the following questions.     potatoes  wheat Slovakia 50 25 Croatia 30 18 Opportunity cost of potatoes for Slovakia is ________ wheat: (round to 2 digits behind the decimal IF applies)

The height of the demand curve for a product indicates the