Differences in opportunity cost allow for gains from trade

If the quantity supplied increases by 8 percent when the price rises by 2 percent, the price elasticity of supply is ________

A) 10.0 B) 6.0 C) 0.25 D) 16.0 E) 4.0

An open economy is a national economy that

A) doesn't interact economically with the rest of the world. B) has a stock market that is open to traders from anywhere in the world. C) has extensive trading and financial relationships with other national economies. D) has established diplomatic relations with most other national economies.