The idea behind reciprocity between two trading countries is that they
a. share the gains from trade equally
b. eliminate quotas against each other
c. eliminate tariffs against each other
d. use the same set of trading practices with respect to each other
e. agree to retaliate against other trading countries
D
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Which of the following statements is true?
A) If the opportunity cost of current consumption is high, people will save less. B) If the opportunity cost of current consumption is high, the inflation rate will increase. C) If the opportunity cost of current consumption is high, the unemployment rate will decrease. D) If the opportunity cost of current consumption is high, people will save more.
The expenditure approach values ________ and the income approach values ________
A) goods and services at market prices; goods and services at factor prices B) services only at factor prices; goods only at market prices C) only goods at market prices; only services at factor prices D) goods and services at market prices; services at factor prices E) goods and services at factor prices; goods and services at market prices