The phrase "owners' equivalent rent of primary residence" means the cost of housing services for one year.
Answer the following statement true (T) or false (F)
True
See "How it Works: Measuring the Price of Housing."
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Refer to above figure. Albania refused to engage in international trade for ideological reasons. To maximize its economic welfare it would choose to produce at which point in the diagram above? Suppose the PA/PB at point a was equal to 1
Given this information, in which good (A or B) does Albania enjoy a comparative advantage? Now that the Cold War is over, Albania is interested in obtaining economic welfare gains from trade. The relevant international relative price is PA/PB = 2. Albania would therefore choose to produce at which point (a, b, or c)? Given this additional information, in which good does Albania enjoy a comparative advantage?
Holding all else constant, a decrease in consumption taxes, such as sales taxes or a VAT, will ________ aggregate expenditure and ________ employment
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease