Heartland and Soulland) If trade now opens up between the two economies, we can expect that:

A) Heartland will export drill presses to Soulland and import corn from it.
B) Heartland will export corn to Soulland and import drill presses from it.
C) both countries will export corn and drill presses.
D) both countries will import corn and drill presses.

Answer: B) Heartland will export corn to Soulland and import drill presses from it.

Economics

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If the death rate and the birth rate both fall, then

a. the population growth rate falls b. the population growth rate rises c. per capita GDP rises d. per capita GDP falls e. the effects on population or GDP growth cannot be determined from the information

Economics

Joe and Fred are economists. Joe thinks that the wealthiest 10% of the US population should be taxed a rate higher than the rest of society because they can better afford it. Fred thinks that everyone should be taxed at the same rate because that is the fairest scenario and the wealthy should not be penalized for their success. In this example, Joe and Fred

a. disagree about the validity of a positive theory. b. have different normative views about tax policy. c. must both be incorrect because tax policy is never that simple. d. None of the above is correct.

Economics