The amount of good A given up for good B in trade is the

The high price of agricultural land is basically

A) the cause of high food prices. B) the result of high food prices. C) unrelated to food prices because processing costs dominate food prices. D) unrelated to food prices because there is no opportunity cost of producing land.

The simultaneous export and import of widgets by the United States is an example of

A) intra-industry trade. B) increasing returns to scale. C) imperfect competition. D) inter-industry trade. E) the effect of a monopoly on international trade.