In the Thomas (1954) model,
(a) all nations near the Atlantic Ocean were considered one economic unit.
(b) laborers, capital and other resources freely move to those users with the highest net returns.
(c) the European economy moved inversely in relation to the U.S. economy and vice versa.
(d) all of the above are true.
(b)
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A statement that argues that "if taxes on gasoline increase, gasoline consumption will decrease" is an example of what kind of statement?
A) a marginal statement B) a macroeconomic statement C) a normative statement D) a positive statement E) a statement that violates rational choice
Nominal GDP uses constant base-year prices to place a value on the economy's production of goods and services, while real GDP uses current prices to place a value on the economy's production of goods and services
a. True b. False Indicate whether the statement is true or false