The economic gains from expanding international trade are measured in hundreds of billions of dollars.

If the Fed uses its tools to expand the money supply, bond prices will be bid down and interest rates will rise

a. True b. False Indicate whether the statement is true or false

If the slopes of the production possibility frontiers involving sugar and rice in countries A and B are equal

A. each country will produce identical quantities of sugar and rice. B. specialization does not benefit either country. C. the opportunity cost of producing rice is less in Country B. D. the opportunity cost of producing sugar is less in Country A.