Using the data in the above table, in the long-run macroeconomic equilibrium, the price level is ________ and the level of real GDP is ________

There tends to be ________ relationship between the growth rate of the money supply and the inflation rate

A) an inverse B) a direct C) no significant D) a negative

In one hour John can produce 20 loaves of bread or 16 cakes. In one hour Phyllis can produce 30 loaves of bread or 15 cakes. Which of the following statements is true?

A) Phyllis has a comparative advantage in producing bread. B) John has a comparative advantage in producing cakes. C) Phyllis has an absolute advantage in both goods. D) John has an absolute advantage in both goods. E) Phyllis has a comparative advantage in producing both cakes and bread.