If the Consumer Price Index (CPI) decreases from 100 to 50 and the nominal wage decreases from $200 to $50, what is the change in the real wage in terms of the beginning year's dollars?

With no international trade, the U.S. price of wheat is lower than the world price of wheat

This indicates that the United States ________ a comparative advantage in the production of wheat and with international trade, the United States will ________ wheat. A) has; export B) has; not trade C) has; import D) does not have; export E) might have; export

The demand for an input will be more inelastic when

A) the demand for the product being produced is elastic. B) the cost of the input is a relatively large percentage of total production costs. C) the time period being considered is relatively long. D) it is difficult to substitute other inputs for this input.