The trade-to-GDP ratio is calculated by
A) exports divided by GDP.
B) imports divided by GDP.
C) exports plus imports divided by GDP.
D) exports minus imports divided by GDP.
E) exports divided by imports.
C
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When does an externality occur?
a. when one person's production or consumption of a good affects another person b. when a producers long-run average costs fall c. when a consumer's marginal utility from consuming a good increases d. when international trade leads to improvement in a country's economic welfare
Which of the following is correct?
a. The Continental Congress used the inflation tax to help finance the American Revolution. b. The inflation is today a principal source of revenue for the U.S. government. c. There is no way a person can avoid the inflation tax. d. Governments can only raise revenues through taxation.