If the opportunity cost is 2X = 1Y for country A and 1/3X = 1Y for country B, then a possible terms of trade is:
A) 1X=1Y.
B) 1X=4Y.
C) 1X=5Y.
D) 3X=1Y.
Ans: A) 1X=1Y.
Economics
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A decrease in expected inflation shifts
a. the long-run Phillips curve left. b. the short-run Phillips curve left. c. neither the short-run nor long-run Phillips curve left. d. both the short-run and long-run Phillips curve left.
Economics
In symbolic terms where Y equals real GDP, POP equals total population, and N equals the number of employed workers, Y/POP must equal:
A. Y/N × N/POP. B. N/Y × N/POP C. N/Y × POP/N. D. Y/POP × N/POP
Economics