Describe three types of gains from trades?
A) trades of exchange rates for goods or services, trades of goods or services for property, and trades of gold for textiles
B) trades of goods or services for goods or services, trades of goods or services for assets, and trades of assets for assets
C) trades of imports for exports, trades of exports for imports, and trades of natural resources for financial assets
D) trades of services for goods, trades of currency for services, and trades of one type of currency for another
E) trades of current goods for future services, trades of currency for gold, and trades of one type of currency for another
B
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According to Monetarists, the natural rate of unemployment in each country will be determined by the structural characteristics of the
a. the productive efficiency of that country. b. relationship between the actual price level and the expected price level. c. the monetary policy of that country. d. Both a and b e. All of the above
Consider a nation with an endowment of iron ore and petroleum. If the nation specializes in the production of aluminum and gasoline instead of steel we can say that it is operating:
a. on its production possibilities curve. b. outside its production possibilities curve. c. inside its production possibilities curve. d. on the highest achievable production possibilities curve. e. on the lowest production possibilities curve.