Refer to Figure 18.3. The opportunity cost of producing pogo sticks in Livonia is

From 1948 to 2011, the average unemployment rate in the United States was approximately

A) 9.6 percent. B) 24.4 percent. C) 5.8 percent. D) 12.0 percent. E) 3.1 percent.

Suppose that in the absence of trade, the U.S. price for bicycles was higher than the world price for bicycles. Would allowing international trade mean that the United States would import or export bicycles? Who in the United States would benefit and who would lose with a free trade policy, and would the gains be greater than the losses?