Which of the following account for the largest portion of state and local government receipts?

According to the monetarists and new classical economists,

a. only anticipated monetary policy actions will affect output and employment in the short run. b. only unforeseen monetary policy actions will affect output and employment in the short run. c. both anticipated and unanticipated monetary policy actions will affect output and employment in the short run. d. both anticipated and unanticipated monetary policy actions will affect output but not employment in the short run. e. none of the above.

Answer the following questions true (T) or false (F)

1. Assume that Finland and Latvia produce only two goods. If Finland has an absolute advantage in the production of these two goods compared to Latvia, Finland can still benefit from trade with Latvia. 2. If a country has a comparative advantage in producing a product, it must also have an absolute advantage in producing that product. 3. If a country has an absolute advantage in producing a product, it may not have a comparative advantage in producing that product.