Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.

Refer to the table below. In 2004, about how much was one Japanese yen worth?

The following table shows the foreign currency per U.S. dollar near the end of January of each year listed.



A. $0.01
B. $0.21
C. $0.91
D. $1.07

Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. After examining each country's production possibilities curve, it is clear that:

A. neither country will benefit from trade.
B. both countries can benefit from trade because absolute advantage exists.
C. both countries could benefit from trade because comparative advantage exists.
D. only Country A will benefit from trade.