Let’s say there are just two countries: the United States and Jamaica. They are trying to decide whether or not to trade with each other. The United States has an absolute advantage in all goods. Does it still make sense for the United States to trade with Jamaica? Why or why not?  To receive full credit, please reference at least one key idea or theory discussed in week 8 and write at least 3 sentences.

If 112 Japanese yen purchased $1 in 2021 and 83 Japanese yen purchased $1 in 2022, then: 

What is the difference between automatic stabilizers and discretionary fiscal policy? Describe at least one benefit of automatic stabilizers and one benefit of discretionary fiscal policy. 

When one nation can produce a product at a lower cost relative to another nation, it is said to have a(n) ___ in producing that product.

Bonus: Which teaching formats worked best for your learning (videos, homeworks, quizzes, discussion boards, real-world explanations, etc.)? Which formats did not work as well for you? Credit: 2 bonus points on this exam for an answer of at least 15 words. You will receive credit as long as you meet the word minimum. You are not penalized for negative or critical feedback. 

Florida can produce either 18 million oranges or 9 million apples in one month. Alabama can produce either 16 million oranges or 4 million apples in one month. The opportunity cost of producing 1 orange for Florida is: 

Which currency  below is an example of a large-scale merged currency?

If a nation merges its currency with another nation to create a single currency, what must it give up?

A stronger US dollar is good for which of the following groups? Choose all that apply

True or false: A nation can have an absolute advantage in the production of every good.