Refer to Table 2-5. If the two countries specialize and trade, who should export cell phones?
A) Estonia
B) They should both be importing cell phones.
C) There is no basis for trade between the two countries.
D) Finland
D
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Neoclassical growth theory predicts that China's economic growth rate will ________
A) decrease when the interest rate increases B) continue at around 10 percent a year C) always remain above the U.S. economic growth rate D) eventually converge to the U.S. economic growth rate
Under a gold standard in which France defined one franc to be worth 1/50th of an ounce of gold and the U.S. defined one dollar to be worth 1/10th of an ounce of gold, then
A. one U.S. dollar would exchange for five French francs. B. the French franc is worth only one-tenth as much as the dollar is worth. C. the U.S. dollar is valued at one-fifth of the French franc. D. on French franc would exchange for ten dollars.