Refer to the data below. The mutually-beneficial terms of trade will be:
Answer the following question based on the data provided in the tables below for two hypothetical nations, Wat and Xat. The nations have the production possibilities for rice and corn given in the following table:
A. Less than 2 units of rice for 1 unit of corn
B. Greater than 4 units of rice for 1 unit of corn
C. Between 3 and 5 units of corn for 1 unit of rice
D. Between 3 and 5 units of rice for 1 unit of corn
D. Between 3 and 5 units of rice for 1 unit of corn
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Discretionary fiscal policy by the federal government involves
A. legislative variations in spending and tax policies. B. using built-in stabilizers to smooth economic activity. C. relying on wage and price controls to ensure price level stability. D. presidential variations in spending and taxes without Congressional approval.
Based on the information in Scenario 1, nominal GDP in 2015 in this economy was
A) $830. B) $1,025. C) $1,090. D) $1,345.