National saving is
A) the sum of private saving and government saving.
B) reduced by government budget deficits.
C) the sum of private saving and the government budget deficit or surplus.
D) all of the above.
D
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Under the gold standard system, if the par exchange rate is $1 = 2 pounds, but the market exchange rate in the United Kingdom is $1 = 1 pound, then a person interested in arbitrage would:
A) buy dollars in the United Kingdom to be shipped to the United States and exchanged for a larger quantity of gold. B) find that it is not possible to engage in arbitrage. C) convert dollars into pounds in the United States and sell it for gold in the United Kingdom. D) lose money by trying to exploit any price difference.
The HeckscherOhlin model of international trade uses _____ and ______ to explain trade patterns.
a. comparative; absolute advantage b. factor abundance; factor intensity c. factor availability; factor usability d. tariffs; quotas