During the period 2002-2009, U.S. trade deficits:
A. Increased from 2002 to 2006 and increased even faster in the recession of 2007-2009
B. Initially decreased, but then increased significantly in the recession of 2007-2009
C. Increased from 2002 to 2006, but then decreased in the recession of 2007-2009
D. Decreased throughout the entire decade
C. Increased from 2002 to 2006, but then decreased in the recession of 2007-2009
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Refer to the figure above. If A imposes a per unit tariff of $10 on imports from both B and C, it will import
A) 400 units from B. B) 200 units from C. C) 200 units from each. D) 400 units from B and 200 units from C.
The opportunity cost of a decision is the value of all of the available alternatives that were not chosen
a. True b. False Indicate whether the statement is true or false