The figure below shows the production-possibility curves of Canada (AB) and the rest of the world (CD). I1 and I2 are community indifference curves for Canada and the rest of the world. In the absence of trade, the rest of the world produces ________ bales of cotton and ________ bushels of wheat.

Consider an open economy that is a net borrower (like the United States). What would be the impact of a shift to a closed economy?

A) domestic interest rates would decline B) domestic savings would decline C) domestic investment would decline D) net borrowing would increase

Give at least three examples from economics where each of the following type of data can be used: cross-sectional data, time series data, and panel data

What will be an ideal response?