An increase in the proportion of the population that is unemployed above the normal rate is best represented in Figure 1.3 and using PP1 by a movement from point

Arbitrage occurs when an entity purchases a good in the lower priced market and sells it at the same time in the highed priced market. The existance of trade costs would ___ opportunites of abitrage

a) lower b) not affect c) increase d) completly eliminate

In the United States, a "buy American" act was passed in 1933 to create larger markets for domestic goods

a. True b. False Indicate whether the statement is true or false