A negative relationship exists between the variable measured along the y-axis and the variable measured along the x-axis if
A) a reduction in the variable measured along the x-axis is associated with a reduction in the variable measured along the y-axis.
B) an increase in the variable measured along the x-axis is associated with an increase in the variable measured along the y-axis.
C) the variable measured along the x-axis and the variable measured along the y-axis move in the opposite direction.
D) the variable measured along the x-axis and the variable measured along the y-axis move in the same direction.
C
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The balance of trade is defined as
A) the difference between the value of the goods and services a country exports and the value of the goods and services a country imports. B) the difference between the balance of the current account and the balance of the capital account. C) the difference between the balance of the current account and the balance of the financial account. D) the difference between the value of the goods a country exports and the value of the goods a country imports.
Assume, for Japan, that the domestic price of automobiles without international trade is lower than the world price of automobiles. This suggests that, in the production of automobiles,
a. Japan has a comparative advantage over other countries and Japan will import automobiles. b. Japan has a comparative advantage over other countries and Japan will export automobiles. c. other countries have a comparative advantage over Japan and Japan will import automobiles. d. other countries have a comparative advantage over Japan and Japan will export automobiles.