Refer to Table 9-11. If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded, how many hats will Denmark gain compared to the "without trade" numbers?

If a country's income grows at the rate of 5 percent a year, it doubles in about

A) eight years. B) six and one-half years. C) ten years. D) fourteen and one-half years. E) twenty years.

Suppose Colombia joins a trade bloc formed by Argentina, Brazil, Paraguay, and Uruguay. Before joining the trade bloc, the Colombian government has a tariff of 30 percent on imported meat, and Colombia's imports of 40,000 tons of meat came exclusively from the United States. The United States sold meat at a price of $2,000 per ton in the international market. After joining the trade bloc, Colombia switched to importing meat from the other member countries at a price of $2,100 per ton. Its imports increased to 50,000 tons. Calculate the amount of trade creation and trade diversion as a result of this change. For this product, did Colombia gain economic well-being from joining the trade bloc? If so, then how much? If not, then what is the minimum amount that Colombian imports of meat would

have to increase for Colombia to benefit from joining the trade bloc? What will be an ideal response?