Which of the following statements is correct? In 2014,
a. real income per person in the U.S. was about 4 times that in China.
b. real income per person in China was more than 2 times that in India.
c. the typical resident of India had less real income than the typical resident of England in 1870.
d. All of the above are correct.
d
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An increase in income in the United States would have what effect on the equilibrium exchange rate and equilibrium quantity of Canadian dollars in the foreign exchange market?
a. decrease in the exchange rate and decrease in the quantity b. decrease in the exchange rate and no effect on the quantity c. increase in the exchange rate and decrease in the quantity d. no change in the exchange rate and increase in the quantity e. increase in the exchange rate and increase in the quantity
Which of the following is not an argument usually presented in favor of trade restrictions?
a. national security b. infant industry c. cheap foreign labor d. diversity of industry e. increased efficiency