According to the text, data supports the conclusion that lower trade barriers
A) help boost per capita real Gross Domestic Product (GDP) growth.
B) help to increase welfare payments.
C) decrease the standard of living in the country.
D) decrease life expectancy.
A
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Albert Einstein once made the following observation about science:
a. "The whole of science is nothing more than the refinement of everyday thinking." b. "The whole of science is nothing more than an interesting intellectual exercise." c. "In order to understand science, one must rely solely on abstraction." d. "In order to understand science, one must transcend everyday thinking."
Answer the following statements true (T) or false (F)
1. Specialization based on comparative advantage will shift a nation's production possibilities curve outwards. 2. Through international trade an economy can consume a combination beyond its domestic production possibilities curve. 3. If the U.S. dollar depreciates against the euro, then it will be easier for U.S. exporters to sell their products in Europe. 4. In the dollar/yen market, if the supply of yen increases other things being equal, the dollar will appreciate. 5. Relatively high rates of U.S. inflation compared to other countries will increase the supply of, and decrease the demand for, dollars in foreign exchange markets.