Define international trade and international financial transactions. Give an example of each one.
What will be an ideal response?
International trade refers to either purchasing or selling currently produced goods or services across international borders. An example of international trade is the purchase of Italian tile by a U.S. tile distributor. International financial transactions refer to the transfer of ownership for real or financial assets between the citizens of different countries. An example of an international asset transaction is the purchase of a U.S. stock by a Japanese citizen.
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If real GDP exceeds potential GDP, then employment is ________ full employment, and the unemployment rate is ________ the natural unemployment rate
A) equal to; below B) above; below C) equal to; equal to D) below; above E) above; above
Refer to Figure 11-9 above to solve the following problems
a. Calculate the fixed cost of production. b. Calculate the average total cost of production when the firm produces 20 units of output. c. Calculate the average variable cost of production when the firm produces 20 units of output. d. Calculate the average fixed cost of production when the firm produces 20 units of output. e. Calculate the average fixed cost of production when the firm produces 15 units of output. f. If the firm increases output from 15 to 20 units, what is the marginal cost of output?