"International trade bestows benefits on countries through the international transmission of ideas." Do you agree or disagree? Explain
What will be an ideal response?
Agree. Ideas developed in one place can be transferred to other places, benefiting people in both places. Often the idea is originally embodied in goods, but eventually the idea itself usually gets transferred as well.
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Suppose the market for grass seed can be expressed as:
Demand: QD = 100 - 2p Supply: QS = 3p If government imposes a $5 specific tax to be collected from sellers, what is the price consumers will pay? How much tax revenue is collected? What fraction is paid by sellers?
If nominal exchange rates do not change, an increase in the U.S. price level relative to the foreign price level represents a real appreciation of the dollar. However, if nominal exchange rates can change, is an increase in U.S. inflation relative to foreign inflation likely to cause appreciation of the dollar in the short run?
What will be an ideal response?