The replacement of foreign manufactured goods by domestically manufactured goods is called _____

In the long-run, money market equilibrium determines

A) the real interest rate. B) the value of money. C) real GDP. D) the nominal interest rate E) velocity.

According to the principal of comparative advantage a country

A) that produces goods at the lowest absolute cost will export those goods. B) will import goods it can produce at the lowest relative cost. C) will export goods it can produce at the lowest relative cost. D) will only import those goods that it cannot produce for itself.