A scatter diagram of the position of the U.S. economy from 1972 through 2007 with the price level on the vertical axis and real GDP on the horizontal axis would show a movement generally toward the

A financial asset is considered ________ if it can be sold in a secondary market

A) durable B) a security C) a liability D) a commodity

Nations will be able to produce a larger joint output and realize mutual gains when each specializes in the production of those items for which it is a low-opportunity cost producer and trades for those things that it could produce only at a high cost. This statement best describes the

a. free rider problem. b. infant-industry argument. c. law of comparative advantage. d. equation of exchange.