Which of the following determines how scarce resources are allocated?

When the United States imports goods and services from the rest of the world

A) we receive payments from the rest of the world. B) we make payments to the rest of the world. C) we increase our inflation rate. D) we decrease our inflation rate.

If we are comparing the price of regular gasoline with the price of super gasoline, then an increase in the relative price of regular gasoline implies that

A) the nominal price of regular gasoline increased. B) the nominal price of super gasoline decreased. C) the relative price of super gasoline decreased. D) the relative price of regular gasoline increased.