Negative correlation between x and y implies that
A) when x is high, y is high.
B) when x is high, y is low.
C) xy < 0.
D) x/y < 0.
B
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Milton Friedman argued that as long as
A) the unemployment rate is higher than the inflation rate, the economy is not in long-run equilibrium. B) Real GDP grows, the inflation rate will fall. C) the expected inflation rate is not equal to the actual inflation rate, the economy is not in long-run equilibrium. D) nominal wages rise, so do real wages. E) none of the above
The United States imports televisions from Japan and Japan imports computer chips from the United States. If the theory of comparative advantage guides trade between the two countries, it must be true that
A. the United States has comparative advantage in producing computer chips. B. the opportunity cost of producing computer chips in the United States is higher than that in Japan. C. the opportunity cost of producing televisions in Japan is higher than that in the United States. D. the United States has comparative advantage in producing televisions.