A significant portion of actual world trade patterns results from
A. different sizes of the countries.
B. different factor endowments between countries.
C. the industrial policies of governments.
D. the different tastes and preferences of people in different countries.
Answer: B
Economics
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The short-run aggregate supply curve
A) is vertical. B) shows the impact changes in the price level have on the quantity of real GDP when resource prices are constant. C) illustrates the level of potential real GDP. D) shifts whenever the price level changes.
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How many dollars would it cost to buy an Edinburgh Woolen Mill sweater costing 50 British pounds if the exchange rate is 1.80 dollars per one British pound?
A) 40 dollars B) 90 dollars C) 50 dollars D) 100 dollars E) 95 dollars
Economics